(Togo First) – Togo has become the African Trade Insurance Agency’s (ATI) most important sovereign shareholder, after getting $22.06 million in financing from Germany’s development bank, KfW. This is major news given that the country only joined the institution in 2020, with the initial participation of $12.5 million–a loan it obtained from the European Investment Bank (EIB).
The information was disclosed Tuesday, April 12, in Lomé, during a meeting organized by the Togolese Ministry of finance, KfW, and EIB. “Risk mitigation solutions for Togo and tools for promoting trade and investment” is the theme of the two-day event. Its focus: Get States and Togo’s private sector to better know the ATI, and better understand risk insurance, especially relative to investments or credit.
The ATI said it is ready to, through its risk mitigation mechanism, help Togo secure the funds it needs to finance projects that are part of its five-year roadmap. These include road and renewable energy projects, projects to build basic socio-economic infrastructure (social investments), according to Sani Yaya, Togo’s minister of finance and economy.
Agricultural projects are also a priority, in line with the ATI’s ambition to back the Togolese private sector.
The institution “seeks to collaborate and assist Togo in boosting its competitiveness. I, therefore, encourage companies and investors to turn to the ATI for their risk mitigation solutions.”
Togo, it should be recalled, has benefited from a subscription capacity of $305 million from the ATI. The latter indicates that other requests from the West African country, valued at $245 million, are currently being studied.
Source: Togo First