The ongoing reform and governance programme initiated by Togo received a boost from the African Development Bank (AfDB) Group recently, following the approval of a USD 32.2-million budget support grant by the institution.
The Board of Directors of the African Development Fund (ADF), the concessional arm of the Group approved the amount on 1 November 2011 in Tunis, to finance phase two of the country’s Reform and Support Programme. Following a successful implementation of a previous budget support which resulted in a 3.7% growth rate, the second phase of the programme will ensure sustained and durable economic growth while improving Togo’s business environment, budget execution and overall financial management.
Commenting on the operation, AfDB Governance, Economic and Financial Management Department Director, Issac Lobe Ndoumbe, said that the programme is in line with the second pillar of the Bank’s 2011-2015 operational strategy for Togo which focuses on good governance. “The programme is also well designed and will result in inclusive growth, improved capacity and youth employment,” Ndoumbe said, adding that “All the conditions precedent to the first disbursement under the guidelines on development budget support operations as well as the Fragile States Facility had already been fulfilled.
The Bank’s active portfolio in Togo comprises four projects estimated at USD 87million. The current programme will be implemented from 2011-2012.
1UA = USD 1.61 as at 1November 2011