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On the sideline of its 60th board meeting, the ECOWAS investment and development bank (BIDC) has approved a $13 million financing for a Togolese power project.
While no other detail was disclosed about the project, based on information released after the bank’s 59th board meeting last October 25 it may be a rural development project.
For Togo, this project will be another step towards...
The WAEMU regional fund for mortgage refinancing (CRRH-UEMOA), in the framework of its support to housing, allocates 11% of the resources it raises on the regional financial market to Togo. This is three times more than what it allocates to Benin and Burkina Faso (4%).
However, this is a little lower than what Senegal perceives (12%) while Niger, Mali and Côte d’Ivoire respectively get 25%...
This year, the West African Development Bank (BOAD) approved 39 financing operations worth CFA414.5 billion for the public and private sectors.
This was disclosed on December 11, after the bank’s 111th board meeting. On this occasion, three new projects valued at CFA15.21 billion were approved.
The three commitments include partial financing for the extension of Bobo-Dioulasso dry port in...
In Togo, the national agency promoting the guaranteeing and financing (ANPGF) of SMEs/SMIs signed last Dec 19, a CFA400 million financial agreement with the Artisans Savings and Loans Cooperative (CECA).
In effect, the agreement will lead to the creation of a microfinance credit line for artisans in need. It is the fourth of its kind between the two institutions.
When they initially entered...
On December 17, 2018, Ethiopian Airlines commissioned a direct liaison between Lomé and Los Angeles, US. This new line is the second direct line connecting Togo to the USA.
According to reliable sources, Asky Airlines, Ethiopian Airlines’ partner, will serve the destination on Mondays, Wednesdays and Fridays following the Addis Ababa-Lomé-Los Angeles route.
With this new line, Ethiopian...
Oragroup, the Pan-African banking group based in Lomé just announced that the public offering it launched last October was fully subscribed.
Through the operation which began on October 29 and closed November 22, the group opened 20% of its capital to the public. In detail, it issued 6,097,561 new shares through a capital increase, and sold 7,785,445 existing shares, at a unit price of CFA4100,...
By December 31, 2018, WAEMU’s regional fund for mortgage refinancing (CRRH-UEMOA), would disburse CFA224 billion of housing loans, in line with its mission to improve access to housing across the sub-region.
This was disclosed by the institution’s regional head, Christian Agossa, during a two-day workshop recently held in Lomé. The workshop focused on asset/liability management and on...
Initially cut by 30%, fees for connection to medium-voltage distribution networks of the nation’s power utility, Compagnie Energie Electrique du Togo (CEET), have now been reduced by 50%, Togo First learnt.
“Fees for provision and installation, VAT excluded, and advances on consumption, in relation to connection to the medium tension (electric equipment and meters) which were initially...
Next year, the government plans to spend CFA35.4 billion to pay part of the arrears it owes local companies. This is after recently announcing that it had, by the end of November 2018, paid for the arrears of a total of CFA55 billion out of 64 billion it initially planned to pay under its yearly budget forecast.
By clearing part of the arrears, authorities wish to instill a new dynamic in the...
Next year, the government intends to allocate CFA284.4 billion to public investments, down 9.5% compared to this year where it planned to set aside 314.7 billion for these investments.
Despite the decrease, capital expenditures which should cover the investments represent almost a third of budget expenses. The latter are expected to amount to CFA894 billion, down nearly 3% compared to the figure...
In Togo, Nouvelle Société Cotonnière du Togo (NSCT) plans to rehabilitate and build infrastructures under its 2019 budget. For example, in the Savannas region, the company wishes to build cottonseed storage facilities for its Dapaong plant.
In the Central region, in Blitta more precisely, the NSCT also intends to build similar facilities.
These, the firm hopes, would help it manage its...
Anoumou Djidjolé Placca, a Togolese, just won the Vlisco Fashion Fund 2018. This was revealed by Vlisco itself on its facebook account.
The youth thus gained a CFA3 million financing which he will use to finance his fashion project. He will also follow in Amsterdam, Holland, a two-weeks sewing course at the renowned fashion school “Meester Coupeur”.
According to Vlisco, the work and talent...
Starting January 1, 2019, Togo’s government will provide a set of exemptions to firms undergoing restructuring and facing some difficulties.
In effect, tax reliefs will be granted for a maximum of five years, with the approval of the ministry of finances. This measure will benefit firms that operate in strategic sectors which are promising, in terms of employment and growth, as well as those...
Next month, a major beekeeping project will be launched in Togo, leveraging a fund of CFA500 million.
The project which is an initiative of the government, with the World Bank’s support, aims to boost employment in the beekeeping sector. Overall, 500 jobs are to be created in its framework, 100 in each region of Togo.
This project mainly focuses on youth who will receive adequate training and...
Recognized as a national park in 1975 and recommended, along seven other sites in Togo, to be listed on the UNESCO’s world’s cultural heritage in 2001, the Fazao-Malfakassa national park is about to be recognized as a biosphere reserve.
This title is given by the UNESCO to protected areas that contribute to reduction of biodiversity loss, improve local populations’ livelihood as well as...
In Lomé, the end of year’s 2-week business fair was launched on December 15, 2018. This year, it is simultaneously being held on three different sites: at the Agbadahonou site and at two other decentralized sites; Baguida and Adéticopé namely.
The aim of this event is to help economic operators take advantage of the latest opportunities and get closer to consumers.
This event and the Lomé...