Togo lands a $12M deal with the MCC for its Compact program

Economic governance

Tuesday, 18 April 2023 03:56

Togo lands a $12M deal with the MCC for its Compact program

(Togo First) - The Millenium Challenge Corporation and Togo recently reinforced their partnership by signing the $12 million Compact Development Fund agreement. The agreement was signed last Friday, April 14, by the Togolese minister of finance, Sani Yaya, and Cameron Alford, vice president, Compact operations, at MCC. Alice Patterson Albright and Mahmoud Bah, respectively managing director of the Millenium Challenge Account and deputy managing director of MCC, were there as well.

The agreement for the MCC-Togo Compact program was signed on the sidelines of the World Bank/IMF Spring Meetings which were held in Washington last week.

The funds will help Togo prepare its project for the Compact, the biggest financing package the MCC grants countries. Togo, it is worth noting, became eligible for the program on December 14, 2022.

The MCC Threshold program is already deployed in the country, in the land and ICT sectors. Togo secured $35 million in this framework.

For the Compact, the funds secured should finance energy and ICT projects.

This was confirmed by Sani Yaya, who said during the recent signing that the deal "will take us to federate actions for the formulation of projects in the energy sector and Information Technology and Communication."

Ayi Renaud Dossavi

ECOWAS Agriculture Fund Boosts Food Security Interventions Across West Africa

Togo and France Seek to Deepen Bilateral Cooperation in Economy and Diplomacy

Lomé Recently Welcomed MSC Diletta, Biggest Container Ship to Dock in West Africa, Ever

lome-recently-welcomed-msc-diletta-biggest-container-ship-to-dock-in-west-africa-ever

Téléperformance Opens CFA7.5 Billion Call Center in Lomé, Togo

teleperformance-opens-cfa7-5-billion-call-center-in-lome-togo

Vivace Group Opens CFA8 Billion Construction Equipment Factory at PIA

Togo: Public Debt Reached Almost 70% of GDP in 2024

Togo Bets on Youth to Revitalize Agriculture with New FAO-Backed Program

Togo: Grassroots Development Agency Hands Over Socio-Economic Infrastructure Across Three Regions

Togo: Datcha’s Old Textile Factory Comes Back to Life with CFA6B Investment

WAMU Securities: Togo Raises CFA22 Billion in Latest Operation

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

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 .

TRADING ACROSS BORDERS (more info)

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

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)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.