BOAD loans Togo CFA20 billion for its industrial platform in Adétikopé

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Tuesday, 26 October 2021 02:34
BOAD loans Togo CFA20 billion for its industrial platform in Adétikopé

(Togo First) - The West African Development Bank (BOAD) has disbursed CFA20 billion in loans for the Industrial Platform Adétikopé (PIA). The BOAD announced that its president, Serge Ekue, and PIA’s president, Jesse Ian Damsky, signed the related loan agreement last week. However, the loan was approved in May 2021, during the 123rd board meeting of the BOAD.

The BOAD’s decision to back the industrial platform falls under Togo’s 2025 Strategic Plan and concretizes a framework agreement between PIA, Arise Special Economic Zone (ARISE SEZ), and Togo. This agreement aims to get investors to start industrial and multi-sectoral activities, knowingly processing local agricultural and mining products, at the industrial platform.

The financing, the Lomé-based Bank noted, “also aligns with the Djoliba 2021-2025 Plan, a strategic plan of the BOAD, specifically its first and second axes that respectively aim to bolster regional integration and create value and productive jobs, supporting States and the private sector.”

With the latest financing, the BOAD’s commitments to Togo’s private sector now amount to CFA266.25 billion.

Ayi Renaud Dossavi

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