UNDP-Togo, FAIEJ launch US$476,000 per year fund for young entrepreneurs

TOGO – The Support Fund for Economic Initiatives for Young People (FAIEJ) and the United Nations Development Program (UNDP-Togo) has launched a new fund for the benefit of young Togolese entrepreneurs. The 265 million FCFA per year (US$476k) Togolese Facility for the Acceleration and ‘Innovation (FTAI), will help companies who are innovative and ambitious. The fund will also provide financial assistance to startups and incubators, with the goal of assisting in the formation of new enterprises and jobs for young people. “It is a fund that functions as a catalyst…

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Guinea, Togo join the leading infrastructure solutions provider AFC

WEST AFRICA – Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has onboarded the Central Bank of Guinea and the Togolese Republic as its newest shareholders, cementing AFC’s pan-African representation. One of AFC’s first Member States in 2008, the Corporation has invested approximately US$300 million to spur employment opportunities and sustainable economic development from Guinea’s vast mineral resources. Developments co-financed by AFC include the high-grade bauxite Alufer Mine in 2017, which marked one of the largest foreign investments in the west African country since the 2014 Ebola…

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Fintech company Semoa, Ecobank to enable mobile money users carry out banking faster and easier

TOGO – Fintech company Semoa has partnered The Ecobank Group to enable mobile money users in Togo to carry out banking faster and easier, across West African Economic and Monetary Union (WAEMU) through a new digital banking service via Whatsapp called “Express cash by Semoa”. The Ecobank Group, whose network covers 35 countries across Africa, is the first bank to integrate this type of service at its ATMs and Express Point Agency locations. Customers simply send a Whatsapp message – which means the service is available 24/7 – to Semoa’s…

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AMEA Power commissions its 50MW solar photovoltaic plant in Togo

TOGO – AMEA Power, a subsidiary of UAE-based Al Nowais Investments (ANI), has announced the official commissioning of its 50MW solar photovoltaic (PV) plant in Blitta, Togo. This marks the country’s first utility-scale renewable energy project developed by an Independent Power Producer (IPP), and one of the largest solar PV IPP plants in West Africa. Officially named Sheikh Mohamed Bin Zayed, after His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, the PV plant has been delivered in record time, with just 18 months between the…

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Ecobank Transnational successfully raises US$350m Tier 2 Sustainability Notes

TOGO – Ecobank Transnational Incorporated, the Lomé based parent company of the Ecobank Group, has successfully raised US$350 million Tier 2 Sustainability Notes, representing the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa. This Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and will be listed on the main market of the London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with…

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Bukina Faso cement company Cim Metal Group to establish its subsidiary in Togo

TOGO – Cim Metal Group, a Bukina Faso cement company, has announced through its CEO, the construction of a cement plant in Togo by September 2021. The project will be led by Cimco (Cimenterie de la Côte Ouest Africaine), the Togolese subsidiary of group, and will mobilize a total investment of 65 billion CFA francs (US$117.77m). The commissioning of the plant should allow the creation of 500 direct and 1000 indirect jobs. The annual production capacity of the future factory is estimated at 25 million tonnes of cement. According to…

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Real estate financer Shelter-Afrique partners with Togo to build low-cost housing units

TOGO – Shelter-Afrique, a real estate finance institution, and the Togolese government have announced the building of 3,000 low-cost housing units in Lomé. Shelter-Afrique, a pan-African finance institution, committed to partially finance the project and, as lead arranger, mobilize other investors to secure the remaining amount. For its part, the Togolese government will provide the needed land, infrastructure, and tax incentives for its smooth realization. This is in a context where the housing deficit in the Togolese capital surged over the past decade, due to population growth and accelerated urbanization. …

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IFAD reappoints its president Gilbert Fossoun Houngbo for a second four-year term

TOGO – International Fund for Agricultural Development (IFAD) has announced the reappointment of Gilbert Fossoun Houngbo, a senior official and former Prime Minister of Togo, as its head for a second term. IFAD’s board of governors, the Fund’s main decision-making body, has renewed its trust in him, for a second four-year term. Gilbert has headed the Rome-based institution since 2017. Not long after he was reappointed, the Togolese announced, on social networks that he would focus, during his new term, on consolidating actions undertaken in the first. “My first priority…

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REGUS to open new workspace in Togo in partnership with Confortis International Group

TOGO – REGUS, a multinational corporation that provides serviced offices to clients on a contract basis and the flagship brand of the IWG Holding (International Workplace Group), has announced plans to open a new workspace in Togo that will be located at 2447 Avenue de la Chance in the new administrative district (GTA Lome II) in the North of Lome. The REGUS centre will open as a franchise in partnership with Confortis International Group and will offer a wide range of ready-to-use workspaces ranging from private offices to coworking, meeting…

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Telco company Moov Africa to set up subsea cable from Morocco to Togo

TOGO – Moov Africa Togo, a subsidiary of the Maroc Telecom Group, has announced plans for a new subsea cable on the continent, connecting Casablanca in Morocco to Lomé in Togo. The news is set to bolster the company’s offering in Togo, with the Maroc Group’s H1 financial results revealing that the company saw a 13.8% decline in subscribers, compared to the same period in 2019. “This cable will develop and improve international coverage and connectivity, especially national connectivity. It has a great capacity which will allow internet users to…

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