Togo has concluded two new financing agreements with the African Development Bank (AfDB) to boost its economic growth and support youth entrepreneurship.
A new era of opportunities opens up for young entrepreneurs in Togo, thanks to two financing agreements. Under the signatures of Sani Yaya, Minister of Economy and Finance, and Wilfrid Abiola, Country Manager of the AfDB, Togo is fully committed to supporting the entrepreneurial potential of its youth. The first agreement, titled “Project to support young male and female entrepreneurs in job-creating value chains,” allocates a substantial financing of 28.1 billion FCFA. This ambitious project aims to strengthen the entrepreneurial skills of young people and increase the competitiveness of SMEs led by them.
In addition to the financial investment, the AfDB provides significant support in the form of grants (12.4 billion FCFA) and concessional loans at favorable conditions (2.7 billion FCFA), highlighting its commitment to the sustainable development of Togo. To complete this tripartite partnership, the German development bank, KfW, contributes with co-financing of 9.7 billion FCFA, while the Togolese government contributes 3.4 billion FCFA.
The second financing agreement is for the “feasibility studies for the construction program of 20,000 affordable housing units in Togo,” for an amount of approximately 3.1 billion FCFA. This initiative aims to meet the growing demand for affordable housing, a crucial challenge to improve the living conditions of Togolese citizens.
All these financing represent a total package of 31 billion FCFA, which will mark a significant turning point for the economic and social development of Togo. These investments demonstrate the firm commitment of the AfDB to support the youth of Togo in their entrepreneurial aspirations while working towards more accessible and higher-quality housing.
