Togo First
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
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.