World Bank Backs Togo’s Government Roadmap and Food Security with Two New Financings, Totaling $170M

Economic governance
Wednesday, 27 September 2023 18:36
World Bank Backs Togo’s Government Roadmap and Food Security with Two New Financings, Totaling $170M

(Togo First) - Togo just received new support from the World Bank, through the International Development Association (IDA). The country sealed the deal–a double financing agreement–on September 26, in Lomé. The first financing supports a program fostering sustainable and inclusive development policies, and the second is an additional financing for the West African Food System Resilience Program (FSRP).

Both agreements were inked by Sani Yaya, Togo’s Minister of Economy and Finance, and Fily Sissoko, the World Bank’s Resident Representative. They are worth $150 million (CFA92 billion) and $20 million (CFA12 billion), respectively.

Supporting the Government's Roadmap and Accompanying Key Programs

Approved on September 1, 2023, the first facility supports the government's five-year roadmap for more sustainable and inclusive development, while providing adequate financing for key programs. The package will specifically help stimulate the rural economy, modernize agriculture, improve human capital, and rebuild budgetary space.

"The reform program is strong, and the government has shown strong commitment to its implementation, which is reflected in the increase in this financing representing over 35% of the IDA allocation," said Fily Sissoko. He added that the Bank is currently preparing another financing focusing on an "ambitious reform program." This facility "should be finalized in the next 12 months,"  according to Sissoko. 

Intensifying Government's Response to Food and Nutritional Security Issues

The second facility, of $20 million, is an additional financing for the Food System Resilience Program in West Africa (FSRP) launched two years ago by the World Bank. According to Minister Sani Yaya, the funds will help Lomé enhance short-term food supply and better tackle issues like climate change. 

Also, the financing will help bolster Togo’s information system, provide households with improved livestock breeds, enhance animal health, and the use of organic inputs, and support vegetable chains and high nutritional value products, among others.

"These two facilities reflect the excellent relations between Togo and the World Bank," said the Minister of Economy. He then reiterated the government’s commitment to "continue its reforms, despite the triple shock of health, inflation, and security" the country currently faces.

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