Togo First
Togo: Kinkéliba tea startup seeks CFA124 million to start industrial production
Komi Dovi Koudou, founder of Natuthe Kinkeliba, the startup that produces Kinkéliba tea, plans to start industrial production soon. To this end, the young Togolese entrepreneur intends to raise CFA124 million.
In an interview with Togo First, he declared: “We are mobilizing funds to acquire equipment, to produce more rapidly, and reduce related costs and subsequently get our Kinkéliba tea to all social classes.”
The funds should help the firm increase its production area to 20 hectares (from only two now) by 2025.
Komi Dovi Koudou added that he hopes parternships born from the recent Togo-EU economic forum will concretize, yielding investments for his business. He also urges Africans to promote his product, thus contribution to job and wealth creation.
Japanese giant Mitsubishi decides to invest in off-grid solutions in Togo
Famous Japanese car dealer Mitsubishi Corporation has decided to enter the Togolese power market. The firm will provide off-grid solutions to local populations, those living in rural areas especially. The news was disclosed yesterday by Yas Doida, Head of the Company’s Branch in Africa, after meeting with Togolese Prime Minister, Sélom Klassou.
“We mostly discussed energy,” said the Japanese who added that they (Mistsubishi) want to provide power to all Togolese people by 2030. “There are many off-grid projects: it is possible to have efficient energy with lower means.”
Doida then lauded how Togolese authorities welcomed the project, stating that “it will begin this year and be conducted over the long term.”
Mistsubishi’s move brings Togo closer to achieving its power transition to renewables. This initiative, let’s emphasize, adds to the CI-ZO which is carried out by British firm BBOXX and SOLEVA and also focuses on providing off-grid solutions across the country.
Séna Akoda
Togo: World Bank reiterates its will to finance the PND
“Togo can count on the World Bank’s permanent support. We will continue backing its national development plan to foster inclusive growth, by improving business climate and boosting entrepreneurship in the country.” These were the words of Coralie Gevers, the new head of operations of the World Bank in Togo, during a visit in Lomé.
The statement falls in line with a commitment by the Bretton Woods institution to align its partnership framework agreement with Togo’s 2018-2022 national development plan. Already, let’s recall, the World Bank has in the country a portfolio of 17 projects valued at $385 million.
During her visit, Gevers was at Africa Global Recycling (AGR) and the Lomé Container Terminal (LCT). The LCT was, it should be recalled, financed by the IFC, World Bank’s arm which finances the private sector. AGR, is a local startup which recently joined the IFC’s local champion program.
Séna Akoda
“Made in Togo” trade fair to begin in Lomé next Friday
Announced last March, the third edition of the Made in Togo fair will take place on Friday, July 26, at the Centre Togolais des Expositions et Foires de Lomé (CETEF).
The upcoming event, which is sponsored by the ministry of trade and industry, should be the second largest of its kind after the International Fair of Lomé.
The theme picked for this edition is “Together, let’s valorize and consume local products.”
Overall, 300 exhibitors and nearly 15,000 visitors are expected at the fair which will close on August 5.
Octave A. Bruce
Togo : IFC will focus more on SMEs from now on
The International Finance Corporation (IFC), the World Bank’s arm for private sector, plans to soon invest in micro, small and medium enterprises in Togo, after having financed large firms such as Ecobank, Contour Global and LCT in the country for years.
On July 8, 2019, Africa Global Recylcing, a local SME, joined the IFC’s Local Champion Program in this framework.
“From now on, our strategy is to work with SMEs. In this framework, I signed on Monday, July 8, a technical support agreement with AGR (Africa Global Reclycing), a small firm which does recycling. Our goal is to support this business, help it grow and meet its growth objectives. This is the type of investment we’ll be making henceforth,” declared Sérgio Pimenta (photo), Vice President of the IFC, during a three-day visit in Lomé.
“We want to invest more, create new jobs and provide new opportunities to Togolese people,” he added.
Just like the AGR, well-known local businesswomen ‘Nana Benz’, could also benefit from the corporation’s support.
“I have discussed with these famous businesswomen on how we could help Togolese businesswomen… I was fascinated by their history, by how they became some of the first of their kind to buy a Mercedes Benz with their business,” Pimenta also said.
The IFC’s new strategy to invest in smaller businesses emerges as Togo is seeking funds to finance its national development plan; a plan to which the private sector should contribute greatly.
Donor’s Roundtable Discussion on WAGRIC Project: Togo seeks funding to double its N°1 national road
Last Thursday, Togo was represented at the Donor’s Roundtable Discussion on Investment of WAGRIC Project.
At this occasion, the country presented its project to double the N°1 national road. “This should boost economic transactions by easing goods circulation,” said Etsri Homevor, General Secretary at the Togolese Ministry of Development Planning.
Besides this project, two other similar ones have been submitted to lenders. These projects aim to improve road networks in the north-southern and east-western regions of the country, the Togolese representative indicated. Overall, Togo presented 15 projects that fall under its 2018-2022 national development plan.
The Project on the Corridor Development for West Africa Growth Ring Master Plan (WAGRIC) aims at fostering economic growth in West Africa, by leveraging the region’s economic potentials and available resources.
Conceived using as basis four countries in this region, namely Burkina Faso, Côte d’Ivoire, Togo and Ghana, this plan was then extended to Benin. Planned over a period of 20 years, this plan’s execution is valued at $23 billion, according to WAEMU.
Séna Akoda
Togo: A B2B platform launched to enable close monitoring of projects selected at the recent Togo-EU economic forum
In Togo, a B2B platform was just launched to ease exchanges between the carriers of the 141 bankable projects selected at the recent Togo-EU economic forum (FETUE) and their European partners.
“The platform which was put in place with the help of the European Union, will be operational for two years,” revealed Sandra Johnson, coordinator of the FETUE and head of the National Business Climate cell. This was during an interview with Togo First.
Concretely, the new platform aims at enabling the close monitoring of the projects concerned, making sure that partnerships announced effectively come to fruition.
Responding to concerns expressed by some of the projects’ promoters in this regard, Johnson said: “Given the rigor set by high authorities, we can’t just do things in a rush, in regards to the follow-up of the forum. Actually, an institutional framework related to the follow-up mechanism as well as a dedicated strategy were just validated and are being implemented.”
The official further added that a meeting would soon be held with the project carriers to explain how the platform works.
Séna Akoda
Togo prepares for a Women Entrepreneurship Forum
UN Women, the World Bank, PNUD-Togo and some other institutions are planning to organize in Lomé an entrepreneurship forum for Togolese women. Oulimata Sarr, Head of UN Women Africa, Hawa Cissé Wagué, World Bank’s representative resident in Togo, and Aliou Dia, Head of PNUD-Togo, recently met to discuss the project.
The event aims at further boosting women entrepreneurship in the country. Last year, data shows, 25% of businesses created in Togo were owned by women. Though slight, this is an improvement compared to the 22.42% recorded in 2015. However, Togo wants to raise this figure to 28%, in line with expectations of UN Women, the World Bank, PNUD-Togo, among others.
While the date of the forum is yet to be known, one thing is sure: it aims at empowering women in Togo, by fostering their economic growth.
Séna Akoda
From only two in 2016, Togo now has 13 tech hubs, according to Briter Bridges (Survey)
Tech hubs are on the rise in Togo. From only two in 2016, the country now has 13 of them, according to a recent survey by Briter Bridges which assessed tech industries in Africa.
While progress made by Togo is undeniable, the country still lags behind some of its neighbors like Nigeria, Ghana, Côte d’Ivoire, Senegal and Mali.
In Africa, Nigeria has the most tech hubs, 85 overall at the moment, followed by South Africa (80) and Egypt (56). Overall, the continent, according to the survey, presently has 618 tech hubs (against 442 in 2018). This is almost twice the number recorded in 2016, knowingly 314 hubs.
Séna Akoda
Togo: ISP Teolis SA now covers 80% of Grand Lomé
Internet Service Provider (ISP) Téolis says it now covers 80% of Grand Lomé and its surroundings.
In detail, the firm, which provides internet to homes, startups and SMEs, covers three main zones of Lomé and its periphery. The first zone goes from Wuiti to Ablogamé. The second goes from Ablogamé to Zopomahé and the last from Adidolokpo to Bernard Copé.
Téolis, which launched the service only eight months ago, plans to soon fully cover the whole of Grand Lomé before venturing into the country.
In a recent interview with Togo First, Michel Bagnah, Chairman of Téolis, said: “We have installed a Pop (point of presence), in the region of Zanguéra, and Agoè, to cover all these parts of Lomé. We are doing the same in Baguida and once this is done, all of Grand Lomé would be covered. What is left and most important is the interior of the country.”
Séna Akoda