The Nigerian startup, Daystar Power plans to raise $100 million in the next three years, to finance its expansion in Togo and West Africa. The funds which is a debt will be raised through five rounds of $20 million each. 

In Togo, the hybrid solar power startup competes against others like Bboxx already active on the Cizo rural power project, Kya energy group.

Daystar, to win new shares of the West African market, will focus on helping its customers cut energy costs by investing in the analysis segment. 

Launched in 2017 by Sunrah Ventures, Daystar provides hybrid solutions to commercial and industrial firms. It currently works on new power storage technologies.   

Besides Togo, the Company also operates in Ghana and Senegal and also in Nigeria where it is based.

Ayi Renaud Dossavi

This year, the UMOA-securities Agency plans to issue recovery bonds which would help WAEMU States raise up to 3,768 billion CFA.

The securities will be issued in partnership with the Central Bank of West African States, to enable eligible beneficiaries to recover from the pandemic.

These countries should be able to subscribe to the bonds at a special Recovery window, UMOA-Titres said.

The bonds will have different maturity periods (3 years, 5 years, 7 years, 10 years, 12 years, and above).

Séna Akoda

Last week, Myriam Dossou-d’Almeida, Minister of Grassroots Development, took part in a webinar on the expansion of social protection for informal workers in Togo. The webinar was organized by UNDP Africa and the International Labor Office (ILO).

The goal of the webinar is to make Togo a model for other African countries.

“I talked about social protection and the informal sector in African countries. I shared Togo’s experience where we adopted an innovative social protection model based on various solutions that match our realities: a high concentration of youth, informal economic activities”, Dossou-d’Almeida said on her Twitter account.

The former Head of the National Health Insurance Institute also discussed the country’s experience in terms of legal health insurance and its extension to informal workers and the poor.

Togo, it should be recalled, is one of the first countries to have set up a State body to support informal workers ; the Delegation for the Informal Sector’s Organization (DOSI).

In sub-Saharan Africa, 9 out of 10 workers operate in the informal sector. The latter represents 63% of the region’s jobs.

Klétus Situ (intern)

An agropastoral university is going to be built in Kpalimé, a town located in the Kloto prefecture 120 km from Lomé.

This project directly aligns with the Government’s 2020-2025 roadmap according to Majesté Ihou Wateba, Minister for Higher Education and Research who visited the site.

The university will mainly produce agronomists, in situation where the country aims to tap into its agricultural and husbandry potential.

“I believe that taking all things into consideration, the major road networks that will serve the region, it is ready to host such a big project”, the minister said.

Besides the Plateaux region, a similar university shall be built in the Savanes region.

Séna Akoda

The National Agency for the Promotion and Guarantee of Financing for SMEs and SMIs (ANPGF) and African Lease Togo have teamed up to help local businesses (SMEs and SMIs notably) get the equipment they need.

Interviewed by Togo First about the initiative, Toussaint Sossou, MD of African Lease Togo, declared that "the ANPGF will provide the financial lessor a credit line to finance equipment purchases of SMEs and SMIs. This line will allow African Lease Togo to refinance SMEs and SMIs whose equipment needs are approved". That is one term of the partnership agreement signed by the two firms.

The other term states that "in the event African Lease Togo identifies and selects a business that meets requirements to benefit from the financing, the ANPGF will guarantee 50% of the amount provided".

The project was elaborated where "SMEs and SMIs generally struggle to get funds to operate, and especially to buy new equipment to grow", Sossou added.  

All SMEs and SMIs regardless of their activity sector -agribusiness, construction, good transport etc can apply to get the financing. The value of the latter will be based on their needs.

Séna Akoda

Togo’s Ministry of Energy and Mines launched a call for proposals targeting local businesses interested in extending medium and low tension power distribution systems in the coastal region and some urban zones. Overall, 32 firms led by young Togolese male and female entrepreneurs will be selected for the project.

This project aligns with the authorities’ ambition to provide its whole population access to electricity, by 2030.

The Ministry's call for proposals falls under the presidential measure which stipulates that 25% of public procurements should be set aside for young male and female entrepreneurs.

Séna Akoda

Regus, the workspace provider which forms part of Swiss-based IWG Holding, announced it would soon open a franchise in Lomé, Togo’s capital.

This, it intends to do in partnership with Confortis International. The move aims to provide a "wide range of workspaces including coworking options, private offices, meeting rooms, or business lounges".

Regus will leverage development facilities and initiatives launched by the government in recent years, especially under its National Development Plan (PND). "Taking advantage of the national development plan (PND) of the Togolese government, Regus will provide Togolese businesses and international investors willing to settle in Togo a key service", said Dontou DEROU, CEO of Confortis International.

"In the region, Lomé is positioned as a triple hub, knowingly a port, airport, and financial hub, and Regus offers a world-class tool that is crucial for the business environment". 

Regus’ headquarters in Lomé is located on Chance Avenue, in front of LONATO’s general directorate, in GTA Lomé II, a new business area.

Established 30 years ago, IWG (International Workplace Group) is one of the leading flexible workspaces in the world. It has 3,500 sites across more than 120 countries and over 2.5 million clients and partners.

In Africa, the brand already operates in Ivory Coast, Ghana, Nigeria, Senegal, Guinea, Morocco, Algeria, Tunisia, and South Africa.

The capital of Cofina Togo, the subsidiary of the eponymous meso-finance Ivorian financial group is estimated at Five hundred million CFA

Cofina Togo was to be headed by Kindoh Rodrigue Kouadio, but since he resigned it is finally Charles-Eric Akoumian Moulod who will occupy this position. The substitute was unanimously picked by the firm’s top management.

In Togo, Cofina’s main rival will be SOGEMEF who currently dominates the meso-finance sector.

Regarding its performances, “in 2019, the meso-finance specialist released a balance sheet of CFA212 billion, against CFA158 billion in 2018, and 155 billion in 2017”. Regarding outstanding loans, “they increased by 30% to CFA146 billion in 2019, while deposits reached CFA134 billion, thus nearly 29% more compared to 2018”, the group said.

Séna Akoda