IDB grants Togo CFA11 billion to support its microfinance sector

Finance
Thursday, 15 March 2018 19:39
IDB grants Togo CFA11 billion to support its microfinance sector

(Togo First) - In Jeddah, Saudi Arabia, the Islamic Development Bank (IDB) via two loan agreements announced it will inject $20 million (about CFA11 billion) into Togo’s microfinance sector.

Related agreements were signed yesterday, March 14, by the Togolese minister of economy and finance, Sani Yaya, and IDB’s President, Dr. Bandar Mohamed Hamza Hajjar (photo).

The loans will be poured into the Togolese microfinance support project. The latter aims at improving financial inclusion in the country, thus reducing poverty and making populations more resilient to socio-economic and climate shocks. The project would more importantly improve living standards of very vulnerable communities and create jobs.

In details, the first agreement is CFA5.5 billion provided by Islamic Solidarity Fund for Development. This fund is dedicated to reducing poverty in IDB’s member countries. The second agreement is for a loan of about CFA6.45 billion.

Fiacre E. Kakpo

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