IFC announces upcoming major investments in Togo’s solar and internet sectors

Economic governance
Wednesday, 19 May 2021 17:03
IFC announces upcoming major investments in Togo’s solar and internet sectors

(Togo First) - At the end of a meeting with Faure Gnassingbé, Togo’s President, last Tuesday in Paris, the Director-General of the International Finance Corporation, Makhtar Diop, announced two major investments for Togo. 

The first concerns the construction of a solar plant and the other a submarine fiber optic cable project to improve internet access in the West African country. “For us, the goal is to reiterate our will to support authorities with financing in these areas,” said the IFC’s boss. 

The two men also talked about the progress Togo made regarding its business climate. Togo was the country with the best progress in Africa, in the Doing Business ranking. “And this shows today, with foreign and local private investors looking to invest in Togo,” added Diop. 

Indeed, Togo, in the 2020 Doing Business, gained 40 ranks standing at the 97th position, worldwide, and becoming the top performer in sub-Saharan Africa. 

Over the past decade, the IFC, which is the World Bank’s arm for financing the private sector, has invested over $600 million (that is about CFA322 billion) in Togo, across the following sectors notably: energy, financial markets, cement production, logistics, and health.

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