Orabank Togo carries out its first receivables securitization on the WAEMU market, seeks CFA25 billion

Finance
Tuesday, 14 December 2021 13:54
Orabank Togo carries out its first receivables securitization on the WAEMU market, seeks CFA25 billion

(Togo First) - Orabank Togo plans to raise CFA25 billion to raise its project-financing capacity and meet part of its needs for development in Togo and other WAEMU countries. To this end, the bank carried out its first receivables securitization on the WAEMU market. The operation will close on December 21, 2021. 

The issue is arranged by Africa Link Capital Structuration and the nominal value of each security is CFA10,000. They mature over five years and have an interest rate of 7% per year.

According to Oragroup’s subsidiary, proceeds will be made available to small and medium enterprises (SMEs), especially to finance their strong impact projects in the areas of financial inclusion agriculture, and services. 

The move, said Guy Martial Awona, MD Orabank Togo, will diversify the bank’s financial support to the Togolese economy, among others. “We thereby stand beside the Togolese government to finance sustainable development as part of the National Development Plan (PND) launched in 2018,” the bank executive declared.

Orabank Togo has been named the best bank of 2021 by Global Finance. Last year, the lender reported a total balance sheet of CFA710 billion, far ahead of Ecobank’s CFA462 billion.

Esaïe Edoh

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