BOAD wins Sustainability bond of the year award for successfully issuing its first sustainable bond ever

Finance

Sunday, 04 April 2021 17:51

BOAD wins Sustainability bond of the year award for successfully issuing its first sustainable bond ever

(Togo First) - The West African Development Bank (BOAD) has won a 2021 Environmental Finance Bond Award in the category “Sustainability Bond of the year - supranational, sub-sovereign and agency (SSA).” The prize rewarded the success of the Bank’s first sustainability bond, the first to be issued in Africa. “It is with pride that I accept, on behalf of the Bank's teams, the 2021 Sustainability Bond of the Year Award given to the BOAD,” said a delighted Serge Ekué, President of the BOAD.

The regional Bank raised a total of €750 million ($890 million) through the 12-year sustainable bond. The latter attracted over 260 international investors, most of whom are located in the United Kingdom and Europe. “It was oversubscribed six times, with a total demand amounting to €4.4 billion,” according to the published results. This is a true record, both within the WAMU and Africa.

The BOAD will use the funds mobilized to finance projects with a high social and environmental impact. Parts will also help boost the financial institution’s capacities to invest in key sectors with high social and environmental impact, such as agriculture and food security, renewable energy, basic infrastructure, health, education, and social housing, according to the information released.

The Environmental Finance Bond Awards are given by environmental-finance.com, a specialized news website.

Séna Akoda

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 .

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)

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GETTING ELECTRICITY (more info)

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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.