Togo Set For All-Inclusive Growth Through Full Deployment Of $1.5 Billion World Bank Support Fund

Togo Set

 

OpenLife Nigeria reports that $1.5 Billion, or 900 billion CFA, is the total amount of a new Country Partnership Framework signed between Togo and the World Bank Group on Friday, July 12, in Lomé.
For Togo, this fund is intended to significantly reduce poverty.

It will be devoted to three major areas: increasing the quality of employment in the private sector, improving human capital, and promoting inclusive and resilient territorial development.

From an initial tranche of 613 million USD, approximately 369 billion CFA, allocated by the World Bank Group to Togo on May 23, Minister of Economy and Finance Sani Yaya signed three financing agreements for a total of 298 million USD (180 billion CFA), from the International Development Association (IDA).

The new funds are distributed among three specific projects: the Inclusive Development Project through Access to Electricity (IDEA), the Public Sector Strengthening for Service Delivery Project, and the Social Cohesion Project for the Northern Regions of the Gulf of Guinea (COSO).

Inclusive Development Project through Access to Electricity (IDEA)

This project aims to strengthen the electricity supply by constructing 161 kV transmission lines, enabling more than 1.5 million people, mainly in rural areas, to benefit from better access to electricity.

It is estimated at 200 million USD (120 billion CFA). Additionally, IDEA will enhance institutional capacities in the sector and reduce greenhouse gas emissions through the expansion of renewable energy sources.

“This project is timely given the energy problems our sub-region is currently facing, which also affect our country. It will help strengthen the electricity supply,” explained Minister of Economy and Finance Sani Yaya during the agreement signing.

Public Sector Strengthening for Service Delivery Project (PMADS)

With funding of 75 million USD (more than 45 billion CFA), this project aims to improve human resource management and public finance. It will modernize public administration, digitize tax revenue collection, and increase digital payments.

Social Cohesion Project for the Northern Regions of the Gulf of Guinea (COSO)

The COSO Project aims to further support refugees and displaced persons as well as host communities in the northern part of the country. Additional funding of 23 million USD (approximately 14 billion CFA) is planned.

According to Minister Sani Yaya, this project already provides a response to the growing fragility in the Savanes region and other regions of the country by promoting community-driven development.

He also stated, “It reinforces PURS, an impressive program initiated by the government to address security and humanitarian challenges.”

In addition to these projects, Togo will benefit from an additional 315 million USD from the World Bank Group’s Prevention and Resilience Allocation. This exceptional support aims to bolster the national strategy for strengthening the resilience of the population.