AfDB-Togo: signing of two financing agreements for CFA 81 billion

Donald Kaberuka, President of the African Development Bank The African Development Bank (ADB) and the Republic of Togo have signed this Tuesday, November 29, 2011, two memoranda of agreement for a total of more than 81 billion CFA francs. Vice President of the ADB in charge of sector operations, Kamal El Kheshen, and the Togolese Minister of Economy and Finance, Adji Otèth Ayassor, signed the agreements respectively to the ADB and Togo.

The first agreement concerns a grant of nearly 15 billion CFA francs to finance the second phase of reform support and governance (PARG-2) in Togo. The second is a loan and grants for the Project multinational Benin / Togo rehabilitation of the road Lomé-Cotonou and transport facilitation on the Abidjan-Lagos Corridor, Phase I. Donations and loans are a total of around 66 billion CFA francs.

The program PARG-2 is the first general budget support from the Bank in Togo. It will allow the government of that country to pursue reforms aimed at consolidating macroeconomic stability and promote growth for sustainable development.

"Are you planning reforms that aim to improve the business environment and strengthening of public finances. These reforms will create the conditions for stronger growth, driven by the private sector. The Bank welcomes this, "said Vice President Al Kheshen.

The proposed rehabilitation of the Lomé - Cotonou, a section of the Corridor Abidjan - Lagos, is an excellent example of the desire to integrate the West African region. It aims to promote exchanges between Togo and Benin and improve the road between Lome and Cotonou. It will directly benefit transit users as well as 2.5 million people in the project area, Benin and Togo, with the reduction in transport costs and increased accessibility.

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