EIB explores bankable projects in Togo

Economic governance

Wednesday, 17 November 2021 14:33

(Togo First) - Two days ago, a delegation from the European Investment Bank (EIB) started in Lomé a mission to explore financing opportunities available in Togo. The initial meeting held in this framework was chaired by the Togolese Prime Minister, Victoire Tomegah-Dogbé. According to her office which disclosed the information, several Togolese officials were also there to present some of the country’s priorities and objectives.

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"The European Investment Bank, which is the development bank of the European Union, came to our country to see how we can identify projects that need support or financing," said Kanka-Malik Natchaba, Minister and Secretary-General of the Government. "And naturally, Togo already has a clear and well-organized roadmap, and was able to share with the delegation some areas of cooperation on energy, infrastructure, but also on sustainable development and the digital sector which are key components of our roadmap," he added.

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Throughout this week, EIB’s delegation will prospect areas that can be financed in accordance with the government’s roadmap, official sources said. These areas include notably energy access, especially renewables, the digital sector with a focus on digitizing public services, decentralization, agriculture, and environmental protection.

"We have come to restart and strengthen our cooperation with Togo. (...) We are working with the EU Commission to support Togo's priorities as defined in the government's 2020-2025 roadmap, as part of a joint European Union, France, and Germany program to help the country build its capacity for economic growth and development," said Svetla Stoeva, Head of the European Bank's West and Central Africa Country and Public Sector Relations Unit.

The EIB has been the EU’s long-term financing institution since 1958. In 2019, it backed Togo’s adhesion to the African Trade Insurance Agency (ATI) which provides guarantees to its member countries when raising funds on financial markets and helps them find investors worldwide.

Ayi Renaud Dossavi

REFORMS OVERVIEW

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At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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