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Robert Dussey, the Togolese minister of foreign affairs, announced on June 3 an upcoming business forum between Togolese and Turkish business operators. The announcement came just after the official ended a five-day official visit in Turkey.
“With my counterpart, Mevlüt Çavuşoğlu, we have decided to organize a business forum this fall in Lomé with the participation of Turkish and...
The Global Alliance for Vaccines and Immunization (GAVI) and Japan will disburse $2.4 billion to support the States adhering to the COVAX initiative, Togo included. The decision was taken on the sidelines of the One World Protected summit, which is dedicated to Covid vaccines.
The funds, raised by 40 private and public donors, add up to $6.3 billion mobilized before the One World...
Wood production contributes 11% of Togo’s GDP, a study by FAO indicates. These are mainly wood fuels, sawn timber, poles and posts, and forest products including medicinal plants, fodder, household utensils.
In addition, the first national forestry inventory conducted in 2016 indicates that timber trade generates about CFA7.77 billion per year. This report notes that in 2015, the...
Next Friday, June 4th, President Faure Gnassingbé will inaugurate Togo's first data center. This was disclosed by the ministry of the digital economy and digital transformation.
The center, carrier hotel, was built in two and half years. It will be used to house sensitive data in a secure environment and will provide companies with space, energy, and a cooling circuit, allowing them to safely...
In 2020, Togo received more than CFA135 billion in budgetary support to fight Covid-19. The figure comes from the annual report on public debt issued by the ministry of finance and economy.
The supports were provided by the International Monetary Fund (IMF) and the International Development Association (IDA), mostly. The two Bretton Woods institutions detain nearly 69% of Togo's external...
The National Agency for Food Security (ANSAT) announced on May 31 it is selling part of its grain reserves. This should bring down prices which soared in the recent weeks.
Indeed, between April and May, prices of consumption cereals jumped drastically, contrasting with performances announced for the 2020-2021 campaign. For example, the price of a bowl of corn reached CFA1000, and that...
In 2020, Eximbank China was the commercial bank that provided the highest portion of Togo’s foreign debt. According to data recently published by the Ministry of Economy and Finance, Togo borrowed XOF279 billion from the Chinese bank, representing 59.9% of the amount the country raised from foreign commercial banks.
Year on year, Togo’s debt to Eximbank China is down by 7% since, in 2019, it...
The government will soon launch a sensitization, education, and information campaign for its e-ID Togo project, a biometric identification initiative. In that regard, the ministry of digital economy and digital transformation has launched the recruitment (open till June 7, 2021) of a consultant who will draw a communication strategy for the project, which is partly financed by the World...
On Friday, May 28, Togo successfully finalized its fifth bond issue on the regional money market, steered by UMOA-securities agency. The bond, which will mature over five years, helped the country’s treasury mobilize CFA27.5 billion, while it was seeking CFA25 billion. The fixed interest rate for the operation is 5.8% and the weighted average maturity is 5.66%.
The successful issue...
Mesfin Tarsew, an Ethiopian, has been appointed as the new head of the pan-African airlines Asky, based in Lomé. During his mandate, he will be responsible for getting the carrier, which was badly hit by the COVID-19, back on track.
In August 2020, Asky resumed flights after a halt of nearly four months caused by the Covid-19 pandemic.
According to the International Air Transport...
Levies will be deducted on revenues generated by sports and other bets and fixed winnings, and parafiscal taxes, to constitute the National Fund for the Development of Sports (FONADES).
This fund was established by a new law setting the rules of organization, development, and promotion of physical and sports activities in Togo. The latter will allow public and private sports actors to benefit...
The Minister Secretary-General of the Presidency of the Togolese Republic, Sandra Ablamba Johnson, launched on May 27, the national phase of the project to harmonize and improve statistics in West Africa (PHASAO).
The project, which covers seven (7) countries including Togo, will improve and modernize national statistics and increase the performance of the National Statistical System (NSS)...
Yesterday, May 27, a financing agreement worth €55 million (CFA36 billion) was signed to develop an agro-industrial project called Africa Europa Farm. The project aims to valorize the Mono Valley.
The signing by concerned parties “concretized their commitment to the effective implementation of the Africa Europa Farm project,” said the trade ministry.
The project, according to...
Due to the economic damage caused by Covid-19, Togo’s multilateral debt surged from CFA331 billion in 2019 to CFA478 billion at end-2020, a difference of 44% approximately.
This is in a context where Togo says it has reimbursed around CFA12 billion as principal, subsequent to the cancelation of the IMF debt. Moreover, fluctuations in exchange rates saved the country about CFA3 billion on its...
The government of Togo and Vergnet Hydro, a French company, signed a €1.1 million deal to set up sanitation facilities and boost access to drinking water.
The initiative is part of the Projet d’amélioration des conditions sanitaires en milieu scolaire et rural des régions de la Kara et des Savanes (PASSCO), a scheme that aims to improve sanitary conditions in rural areas and...
Banque Ouest Africaine de Développement (BOAD) will provide the integrated industrial platform of Adetikope (PIA) with a CFA20 billion financing.
The decision was taken during the 13rd board meeting of the Lomé-based bank. On that occasion, CFA95 billion worth of new commitments were approved.
The PIA is a project led by a joint venture with a capital of CFA17.6 billion. The...