So far, AfDB has invested XOF199.780 billion in Togo

Economic governance
Friday, 17 May 2019 15:24
So far, AfDB has invested XOF199.780 billion in Togo

(Togo First) - The African Development Bank (AfDB) has invested so far XOF199.780 billion in Togo, according to data updated this month. This was revealed May 16 by Togo’s finance minister, Sani Yaya during a session to review the institution’s portfolio in Togo.

In effect, the funds were spent on 12 projects revolving around economic reforms, agro-food processing (agropoles), road rehabilitation and coast preservation, etc. Completion rate of these projects is at 58.1% at the moment.

The pan-African lender also targets the environment, social and power sectors. In the latter, AfDB supports Togolese authorities’ ambition to achieve 40% electrification rate by 2022, covering 300,000 households.

The recent assessment helped pinpoint some weaknesses according to AfDB’s resident representative in Togo. These concern for example procurement provision, failure to meet deadlines set to complete projects, and failure to justify on time how funds are used.

Séna Akoda

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