Togo First
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
Lomé reduces amount it aims to raise via coming Eurobond
Instead of €500 million as announced by President Gnassingbé in London recently, the Eurobond that Togo plans on soon issuing will aim at raising €397 million.
For this operation, Lomé’s advisor is the French business bank Lazard. The Eurobond which was approved by the International Monetary Fund (IMF) will be guaranteed by the World Bank and Africa Trade Insurance.
Proceeds of the bond will be used to pay part of Togo’s short-term domestic debt. This should give the government some respite and enable it to better finance public and social expenditures especially. This is in a context where Lomé needs more than XOF1000 billion of public investments under its national development plan (PND 2018-2022).
Gozem launches tricycle reservation service in Lomé and Cotonou
Transportation startup Gozem recently entered the Beninese market, providing tricycles in Cotonou and Lomé.
This marks the firm’s first step towards its African expansion.
While launching the new service, Gozem’s founder, Emeka Ajene, said: “By launching this service, what we provide our customers across the region are safe options at affordable rates for all occasions.”
Séna Akoda
Togo and Khalifa fund ink $15 million deal to boost agriculture in the West African country
Togolese Minister of Agriculture, Noël Koutera, and Hussain Jasim Al Nowais, President of the Khalifa Fund for Business Growth, just signed in Lomé an agreement to boost agriculture in Togo.
The $15 million agreement is aimed at backing young agricultural entrepreneurs, SMEs and SMIs. “This deal will serve to put in place a financing line for MIFA and help fund very small and medium scale enterprises and subsequently create jobs and improve the people’s incomes,” said Koutera. “Women”, he adds, “will benefit from more than 40% of this financing.”
For his part, Hussain Jasim Al Nowais said the financing will help create about 1300 jobs via 3,500 innovative agricultural projects, mostly in Togo.
Let’s recall that the recent agreement was discussed last March in Abu Dhabi, when the Togolese president visited his counterpart in the United Arab Emirates.
Séna Akoda
Togo : India injects $1M in biodiversity preservation project at the Fazao-Malfakassa national park
India has provided Togo a million dollars to preserve biodiversity in the Fazao-Malfakassa national park. The project launched yesterday, July 15, will be carried out by UNESCO, revealed the institution’s representative in Togo, Damien Mama.
In effect, the new project will foster a better management of protected areas and this will involve various parties, including surrounding communities. It should also create 350 green jobs.
The project’s final goal is to get the Fazao-Malfakassa Park listed on the UNESCO’s biosphere reserves as well as participating in the development of green economies. It also reflects how buoyant the South-South cooperation is.
The Fazao-Malfakassa Park is Togo’s largest national park. It is situated between the Kara and Centrale regions.
Lomé will host West Africa’s first investment forum next October
Next October 3 and 4, Lomé will host West Africa’s first investment forum, “Invest in West Africa.” The event aims at finding a solution to private sector’s difficulty in accessing financing in the region.
Also, according to Idrissa Nassa, President of Coris Group which is sponsoring the forum, besides “facilitating the financing of SMEs and SMIs with a high potential, boosting public-private partnerships, the group should gather all investment actors” of the region. The initiative “will show the world that in West Africa, the private sector is ready to absorb investments and is maturing,” he added.
Nassa backed his statement with some figures of AfDB, commenting: “In 2006-2016, the private sector contributed nearly 40% of West Africa’s GDP and 30% of States’ budget. The sector is without a doubt the driver of growth and inclusive development in Africa, and West Africa especially.”
Entrepreneurs, investors, regional and continental organizations are expected at the event. There will also be heads of State and governments, ministers, industrial and investment promoters, heads of banks, finance institutions, sovereign funds, SMEs and SMIs, senior officials, etc.
Séna Akoda
Togo: GVA-Togo launches “Start”, a new home broadband offer that costs XOF15,000
Vivendi’s Togolese subsidiary, GVA-Togo, just launched a new service called “Start”. This is a broadband offer which costs CFA15,000, half what the company’s first offer, CanalBox, cost.
The new offer which falls under the Fiber to the Home project aims at making broadband accessible to all.
“With our Start offer, many Togolese households can enjoy broadband via fiber optics, for only XOF15,000 per month,” says Alexandre Cohen, Managing Director GVA-Togo. The speed of the new connection is 10Mbps.
Togo: A new XOF100 million guarantee fund available for SMEs/SMIs
In Togo, a new guarantee fund of XOF100 million has been put in place by various banks for local SMEs and SMIs. The monies will help “business operators who struggle secure public procurements,” according to a senior official from the National Chamber of Commerce and Industry (CCIT) which put in place the fund.
Businesses interested in benefiting from the fund must first register on a dedicated form.
Besides this fund, there is another established by the national agency for the promotion and guarantee of financing for SMEs/SMIs.
Séna Akoda