Togo gets CFA21.3bn from West African Development Bank (BOAD)

Public finance
Tuesday, 16 October 2018 03:01
Togo gets CFA21.3bn from West African Development Bank (BOAD)

(Togo First) - Sani Yaya, Togo’s minister of economy and finances, and Christian Adovèlandé, President of BOAD, signed on October 12, 2018, three funding agreements worth a total value of CFA21.3 billion. 

The first loan, approved in June 2018, amounts to CFA10 billion. It is to be injected in the Togo Agrofood Processing Project (PTA-Togo). The latter will help operationalize Togo’s new agricultural policy, focused on developing agropoles, especially the one in Kara.

The second loan, approved in September, has the same value and will be used to supply drinking water to 89 semi-urban centres across Togo. 

As for the third financing, CFA1.3 billion, it will be used to finance the project to hybridize diesel engines of multipurpose platforms with solar energy. This project consists in setting PV solar equipment on the multipurpose platforms installed by the Grassroot Support Development Program (PRADEB). The facility comes in the form of a grant provided by FEM and managed by BOAD. It should help “improve access to clean power and modern power services in fifty villages across Togo, by using and developing solar power technologies,” BOAD said.  

All these schemes fall under the country’s 2018-2022 national development plan (PND), which according to BOAD represents a reference framework for mid and long term actions. “I would like to reaffirm BOAD’s desire to support the Togolese government throughout the implementation of its 2018-2022 national development plan, in order to significantly reduce poverty, foster a low carbon-induced development, and boost the country’s resilience against climate change effects”, declared Christian Adovèlandé. 

Fiacre E. Kakpo

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