Africa Development Bank invests $14 million in Togo agribusiness
The African Development Bank (AfDB) Group has provided Togo with budget support from a grant from the African Development Fund (ADF) of $1.82 billion and another under the Transitional Support Facility (TAF) amounting to UA 7.21 million (CFAF 5.65 billion).
A total of UA 9.53 million, or about 7.47 billion FCFA, is granted under the Agribusiness Promotion Support Program (PAGPA).
The donation protocols were signed at the Ministry of Economy and Finance Togo by the AfDB Country Manager in Togo, Khadidia Diabi, and the Minister of Economy and Finance of the country. , Sani Yaya.
The main objective of the program is to contribute to creating the conditions for inclusive economic growth. It will focus on supporting the development of an investment-friendly environment, mainly the development of agribusiness.
This program will also strengthen the capacity to mobilize internal resources, in order to support the public investments required for the development of agriculture and its value chains.
The program responds to the major challenges that Togo continues to face in getting out of the fragile situation and curbing its vulnerability to social crises. The program will also enable the Bank to contribute to gender mainstreaming reforms in public actions and in particular in the agricultural sector.
The expected results of the program are a reduction in the ownership transfer period from 283 days in 2016 to 60 days, the reduction of the agricultural trade deficit from CFAF 64 billion to CFAF 30 billion, the strengthening of Togo's resilience to fragility factors linked to spatial and gender inequalities through the promotion of regional development around areas of agricultural transformation, land securing of developed sites, improving the tax burden ratio from 16.7% in 2016 to 21% of GDP in 2018 and optimizing investment management by advancing the country's IP-11 rating from D in 2016 to at least C by 2018;
The AfDB welcomes not only the sustained commitment of the Togolese authorities in the design of this program, but also the significant efforts already made by the Government in the search for inclusive growth for the benefit of the entire Togolese population.