Togo: World Bank backs government’s pro-development efforts with $100 mln financing

Monday, 04 April 2022 15:41
Togo: World Bank backs government’s pro-development efforts with $100 mln financing

(Togo First) - The World Bank’s International Development Association (IDA) has recently allocated Togo $100 million (CFA59 billion) financing. Disclosed by the Bretton Woods institution last Thursday, the facility should help the country support its inclusive growth program and tax reforms.

In addition, the disbursement–the second in a series of programmatic development policy support operations– will help Togo improve financial sustainability and service delivery in its energy and water sectors.

Concretely, the funds will finance measures aimed at raising tax revenues,  making investment spending more efficient, and better managing public debt as well boosting transparency. They will also foster the sustainable management of water resources and make them more accessible to the most vulnerable–notably, by backing measures relating to the financial viability of the public water service. In the energy sector, the funds will be used to improve the financial performance of the national power utility, Compagnie Energie Electrique du Togo (CEET).

Explaining why it disbursed the money, the World Bank said it was encouraged by "significant progress in domestic resource mobilization" achieved in recent years by the Togolese government, in line with the 2025 Togo Roadmap.

In August 2021, the financial institution had approved a disbursement of $60 million, or just over CFAF 33 billion from the International Development Association (IDA) to support Togolese education, specifically the implementation of the "Basic Education Quality and Equity Improvement Project" in Togo.

Esaïe Edoh 

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.