ABIDJAN, Côte d’ivoire, 09 November 2023 -/African Media Agency(AMA)/-The Government of Togo and the African Development Bank have agreed to increase the pace of ongoing projects on the structural transformation and diversification of the country’s economy, while strengthening the Bank’s engagement in Togo.
This strategy was reaffirmed during a dissemination workshop held from 23 to 27 October in Lomé on the mid-term review of the partnership between Togo and the Bank between 2021-2026 and the performance review of the project portfolio.
The two parties used this event to assess the socio-economic situation of the country, development challenges and priorities, and the implementation status of projects in Togo financed by the African Development Bank. The workshop involved other stakeholders, such as civil society, development partners and the private sector, to ensure the inclusiveness of the exercise.
Outputs from the event included a decision to maintain the priority areas of the 2021-2026 Country Strategy Paper (CSP) for the remaining period, from 2024 to 2026. These include the development of inclusive growth hubs and of social-inclusion policies, along with the strengthening of financial and sectoral governance. The main objective of the CSP remains to accelerate the structural transformation and diversification of the Togolese economy in order to create decent jobs and to build socio-economic resilience for sustainable and inclusive growth.
The Togolese Minister of Water and Village Hydraulics, Damehane Yark, speaking on behalf of the Minister of the Economy and Finance, said: “We welcome recent Bank initiatives to the benefit of Togo. I hope that the excellent cooperation between Togo and the Bank will be further strengthened in the interest of the people of our country.”
“I would like to emphasize the urgency to be accorded to the timely submission of project audit reports and to the need to quicken the pace of project activities; this should allow operations to achieve the expected development objectives,” said Joseph Ribeiro, Deputy Director-General of the African Development Bank for West Africa.
Wilfrid Abiola, the Bank’s representative in Togo, added, “Despite the economic, health and security context in Togo, this review is very timely. From the participants’ perspective, it is clear that the entire Togolese private sector, the main creator of wealth and jobs, is ready to seize the opportunities available today.”
As of 15 October 2023, the African Development Bank Group’s active portfolio in Togo comprised 18 operations with a total commitment of 211.33 billion CFA francs. The Bank’s engagement in Togo covers the transport, agriculture, energy, water and sanitation, urban development, governance and social sectors.
Distributed by African Media Agency (AMA) on behalf of African Development Bank.