Togo : Artisans to benefit from a CFA400 million loan facility

Economic governance
Friday, 21 December 2018 11:42
Togo : Artisans to benefit from a CFA400 million loan facility

(Togo First) - In Togo, the national agency promoting the guaranteeing and financing (ANPGF) of SMEs/SMIs signed last Dec 19, a CFA400 million financial agreement with the Artisans Savings and Loans Cooperative (CECA).

In effect, the agreement will lead to the creation of a microfinance credit line for artisans in need. It is the fourth of its kind between the two institutions.

When they initially entered into their partnership in 2013, the ANPGF provided CECA 150 million CFA. In September 2015, this figure rose to CFA200 million, then 300 million later on. Overall, CFA650 million helped 300 artisans finance their activities. Among these artisans, there is Logou Minsob, creator of Foufoumix, a yam-pounding machine.

The recent agreement increases to CFA30 million the cap for loans provided by microfinance. This is twice more than the sum of loans granted to SMEs and SMIs.

Naka Gnassingbé-De Souza (photo), Managing Director of the ANPGF said the institution’s purpose is to help SMEs and SMIs access bank loans. It also provides financial services and garantees and helps businesses boost their capacities. 

Séna Akoda

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