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The Tony Elumelu Foundation recently opened applications to the new edition of its Entrepreneurship Programme. With a budget of $100 million, this program targets young Africans with business projects or entrepreneurs who have been in business for at least three years.
Selected participants will get a seed funding of $5,000 and will be provided training in business management,...
Last Friday, Togo officially received almost 5,000 tons of rice from the Japanese government. The shipment which arrived at the Port of Lomé on December 31, 2018, falls under bilateral cooperation between Japan and Togo, and specifically in line with the Kennedy Round project.
The latter enables developing nations that face food shortages to get agricultural input and supplies, namely cereals...
On January 4, 2019, Prime Minister Komi Selom Klassou, stepped down from office.
The move takes place, as constitution requires, after the legislative elections which were held last December 20 and whose final results were released December 31 by the constitutional court.
Pending the appointment of a new Prime Minister, Komi Selom Klassou will remain at his position as acting PM. Before he came...
This year, Togo’s public treasury seeks CFA390 billion of the regional stock market. This is out of the 2,778 billion the stock plans to issue, according to a note released by the UMOA Securities Agency for its investors.
In detail, Togo should raise in the first quarter of the year CFA95 billion, up CFA5 billion compared to the previous year. Together, all WAEMU States should over the period...
Ten months after starting activities in Togo, Teolis, the internet service provider, officially launched last Thursday its “Dream” offer in Lomé, the capital.
Launched earlier than announced, the new offer is dedicated mainly to households, startups and SMEs. It aims to provide access to broadband in line with the budget and demand of customers.
In detail, the ISP’s dream offer is...
Using its own funds, Togo’s power utility, Compagnie Energie Electrique du Togo (CEET), will rehabilitate Kpimé’s hydropower plant. This infrastructure has an installed capacity of 1.6MW which is 1% of the country’s demand.
A national tender was launched to recruit a firm to carry out the works. Firms applying must have carried out a similar task, both in size and complexity, in the...
Togo is now a member of the Asian Infrastructure Investment Bank (AIIB), a multilateral institution created in 2015 by China. On the same date, Algeria, Ghana, Lybia, Morocco and Serbia also became members of the institution.
Approving these countries’ adhesion aligns with a decision taken by the bank’s board of governors to reduce the significant western authority on the governance of...
In Togo, Contour Global’s power plant now runs only on natural gas. This was recently disclosed by the country’s power utility, Compagnie Energie Electrique du Togo (CEET).
This happens a few weeks after the firm switched to gas to fuel half of its operations.
Now, the full switch will help optimize CEET’s energy mix and gradually invert the back-up regime to a continuous one.
Also, it...
Growth rate across the Economic Community of West African States (ECOWAS) should stand at 3% this year, a slight reduction compared to an initial forecast of 3.2%. This was announced during the ECOWAS’ 54th ordinary session last Saturday.
While lower than the figure announced at the 53rd session, the current forecast still exceeds those of 2017 (2.3%) and 2016 (0.2%).
The rise, according...
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...