Seventeen (17) institutions, including Togo’s Lottery (LONATO) and its Social Security Fund (CNSS), wish to join the shareholding of Africa50’s Infrastructure Acceleration Fund (IAF). They voiced the ambition on July 3 in Lomé. The IAF fund, which is currently mobilizing $500 million, aims to bridge the infrastructure deficit in Africa.

"Our main objective is to help bridge the infrastructure financing gap in Africa, which is in the range of $68 to $108 billion per year... With the Fund, we enable Africa50 to play a leading role in leveraging the $98 trillion of assets managed worldwide," stressed Akinwumi Adesina, President of the African Development Bank (AfDB).

"This is the first time that such a large number of African institutional investors have participated in the capital round of an African infrastructure fund, it is a real turning point," said Alain Ebobisse, CEO of Africa50.

"This Fund allows us to invest what our future retirees should receive later in viable and reliable projects... Take good care of the pensions of Togolese retirees," declared Ingrid Awadé, Director General of CNSS Togo.

"We hope that this fund will serve as a lever for states, to help them mobilize more resources for infrastructure financing," added Georges Essowè Barcola, General Manager of Lonato, who was also present at the signing of the agreements.

In addition to the AfDB, which is investing $20 million, and the Africa50 group itself, several other players signed the agreement in Lomé. Among them, the West African Development Bank (BOAD), the Nigeria Sovereign Investment Authority (NSIA), the Arab Bank for Economic Development in Africa (BADEA), CNSS of Togo, the National Lottery of Togo (LONATO), the National Social Welfare Fund (CNPS) of Ivory Coast, CNPS of Cameroon, the Deposit and Investment Fund of Morocco, Attijariwafa Bank, the Deposit and Consignment Fund of Benin, and the IFC. With the strengthened presence of the AfDB, Africa50's fund aims to open up to other continental and international players.

This development could boost growth in key sectors such as energy, water, sanitation, transport, logistics, telecommunications, and social infrastructure across the continent, as highlighted by Vincent Le Guennou, CEO of IAF, who was optimistic about the fund's future, which should quickly reach its fundraising target.

Regarding the amounts invested by the two Togolese institutions, they are yet to be known. 

The CNSS, which is among the largest investors, holds shares in many Togolese banks and also invests in real estate. For example, it holds 75% of the Dogta-Lafiè hospital. It also participated in the capital round of Kifema, thus supporting the construction of the Kekeli Efficient Power plant. Lonato is trying to follow in its footsteps.

Fiacre E. Kakpo

The Arab Bank for Economic Development in Africa (BADEA) would like to boost its investment portfolio in Togo. On July 4th, the Togolese President, Faure Gnassingbé, covered the topic with BADEA’s Director-General, Sidi Ould Tah. 

The two men had the meeting in Lomé, on the sidelines of the first Infra for Africa Forum dedicated to mobilizing investments in infrastructure. Together, they reviewed the BADEA-Togo cooperation, with a view of increasing the Bank’s portfolio in the country.

"We reviewed the state of cooperation between the Arab Bank for Economic Development in Africa (BADEA) and the Republic of Togo. It is an exemplary cooperation that we wish to strengthen further in order to increase the volume of funding granted to the Togolese government," Sidi Ould Tah said.

He then congratulated Gnassingbé on the remarkable economic progress made by Togo and its position as a premier sub-regional logistical and financial hub.

"I congratulated His Excellency, the President of the Republic, for Togo's remarkable performance, its economic and social development, and the important role it plays as a regional hub, be it in aviation, industry, infrastructure, or logistics. Togo is also an important financial hub," he added.

In Togo, BADEA supports key projects in various sectors, including infrastructure, health, education, and energy.

Established in 1974, BADEA is a financial institution dedicated to the development of economic, financial, and technical cooperation between Arab and African countries. As a development partner, the Bank has been particularly active in Togo over the past decade. In October 2014, it pumped $10 million into a road rehabilitation project in Sokodé-Bassar, in collaboration with the Abu Dhabi Fund for Development, and in February 2015, it disbursed €14 million for helping boost rice farming in the Djagblé plain.

Ayi Renaud Dossavi

To boost its solar energy production and attract private investments, Togo wants to bolster its partnership with the International Solar Alliance (ISA). President Gnassingbé of Togo discussed the matter with ISA’s Director General, Ajay Mathur, on July 4th. 

"We discussed ongoing projects, such as the mini-grid project which aims to provide affordable solar energy to populations, create jobs, and contribute to the development of rural areas," Mathur said after the meeting.

"We are contemplating strengthening the partnership with the Togolese government so that the private sector invests more in government projects, to achieve universal electricity coverage," he added. For Togo, the move aims to create job opportunities and support its development plan.

Launched in 2015, during COP21, the ISA is a French-Indian initiative whose purpose is to foster solar energy development in all its member states. Being a strong advocate of clean energy, Togo repeatedly presided over the Alliance’s Committee for Africa.

Ayi Renaud Dossavi

There are only 30 women on the official roster of the National Order of Engineers of Togo (ONIT), out of 527 engineers in total, including nine interns who have been licensed to practice in the country. The ONIT reported the figures on July 1, 2023. 

In detail, the 527 engineers include 309 civil engineers, 100 electrical and electronic engineers, 40 mechanical and industrial engineers, 15 rural engineers, and 14 agronomic engineers. The list includes 234 graduates from the National Higher School of Engineers (ENSI) of the University of Lomé. The rest were trained in neighboring countries such as Burkina Faso and Mali.

With the publication of this first roster, the law governing the practice of the engineering profession in Togo, adopted by the Togolese National Assembly in March 2020, now takes effect.

"From now on, any person not listed on the Order's roster cannot practice the engineering profession in Togo," said Dammipi Noupokou, President of the National Direction Council of the ONIT. He then urged all Togolese engineers living and/or working in Togo or abroad who are not on the list to register.

The roster will be made available to national and international institutions, as well as public and private companies, for regular use.

Esaïe Edoh

The capital of Togo, Lomé, will host the second edition of the Interprofessional Dialogue on Taxation (DIF) on July 6 and 7, 2023. The event will delve into the tax conventions signed by African countries, with participation from Togolese taxation experts and academic scholars. This year's focus, "The African Continent Under the Test of Tax Conventions," sheds light on the region's tax realities.

This year's dialogue offers a platform to reexamine the diverse tax conventions currently in operation across African nations. The aim is to outline conventions that are either beneficial or obsolete, considering the realities of economic activities and the internal tax revenue collection, as stated by Koffi Agbénoto, the President of the Organizing Committee.

The event will be marked by 36 presentations from tax experts hailing from France and Morocco.

The Interprofessional Dialogue on Taxation is organized by the Togolese Revenue Office (OTR), through its Institute of Tax and Customs Training (IFFD), the University of Paris Dauphine and the Dauphine Association of Tax Administration (ADAF). The two-day meeting will be conducted both in-person and virtually.

Esaïe Edoh

Cassa Depositi E Prestiti (CDP) will open a €60 million credit to support Africa’s private sector. The Italian public financial institution and the West African Development Bank (BOAD) signed the related agreement on July 3, 2023, in Lomé, Togo. 

The deal was signed by Serge Ekué and Davide Petrangeli, respectively the BOAD’s boss and CDP’s investment manager. It will support private businesses in the West African Economic and Monetary Union (WAEMU) across all sectors of activity, with a focus on agriculture, gender promotion, and better living standards.

Ekué, indeed, noted that "at least 10% of the resources from this credit line will be specifically allocated to financing projects carried out by women entrepreneurs or directly benefiting them." "This is another step forward in our determined march towards more inclusive, sustainable, and equitable economic growth in the UEMOA zone," BOAD’s president added. 

The new credit line was approved in November 2021 by the BOAD's Board. Totaling over €150 million, or more than 98 billion FCFA, it will be co-financed by the CDP and FinDeva, a Canadian development financing institution.

Esaïe Edoh

Addoha Douja Promotion, a Moroccan company, will build 1,000 housing units in Lomé, Togo’s capital. The Ministry of Urban Planning revealed that the government and the firm signed the related protocol agreements on June 15. The documents were signed by Koffi Tsolenyanu, Minister of Housing, and Mehdi Zemmama, Executive Director for Africa of Addoha.

Under the terms of the agreement, the Rabat (Morocco)-based company, which specializes in leasing real estate, is expected to present to the Togolese state within five months a preliminary description of the project detailing the chosen architectural party and the major elements of the construction program.

This project falls under a larger one to build 20,000 housing units and aligns with the government’s 2020-2025 roadmap. Also, Lomé signed a similar agreement two years ago with the pan-African institution Shelter and other partners such as IFC, AfDB, and BOAD.

"This agreement will significantly boost the execution of the large program to construct 20,000 decent, affordable housing units," declared the Minister of Housing. He further noted that "the planned decent collective housing in Lomé on underused land in urban and peri-urban areas will reduce the gap between supply and demand for decent housing in Lomé, and limit sprawl." 

Esaïe Edoh