Latest news with #Togo
Zawya
17 hours ago
- Business
- Zawya
Togo: African Development Fund and the Republic of Togo Sign Partial Credit Guarantee Agreement to support mobilization of EUR 200 million Sustainable Loan
The African Development Bank Group ( and the Government of Togo have signed a partial credit guarantee agreement to support the country's mobilization of a sustainable financing facility of €200 million. Provided by the African Development Fund, the concessional lending arm of the African Development Bank Group, this partial credit guarantee will enable the government of Togo to leverage its country performance-based allocation by four times to raise €200 million from international commercial lenders including Legal&General (L&G) and Deutsche Bank. The African Development Bank is lead arranger. Funds mobilized under the partial credit guarantee will be allocated to green and social projects including climate adaptation, biodiversity preservation, sustainable agriculture, access to clean energy and pollution control. This is in line with Togo's Sustainable Financing Framework as well as the country's 2020–2025 Government Roadmap, which prioritizes inclusive growth and climate-resilient development. "This innovative operation is the result of the strategic guidance provided by His Excellency Faure Essozimna Gnassingbe, President of the Council, aimed at mobilizing innovative and sustainable financing solutions to support Togo's development program. By securing this 20-year sustainable loan, we are sending a strong signal to international investors about the strength of our economic governance, our financial credibility, and our commitment to developing the country in line with the Sustainable Development Goals," added Essowè Georges Barcola, Minister of Economy and Finance of the Republic of Togo. "This transaction marks a significant milestone in Togo's sustainable development journey. By leveraging the Fund's guarantee products, Togo is not only accessing long-term, affordable capital but also enhancing its visibility among international investors. This operation is strengthening confidence in the country's credit profile and lays the groundwork for future market-based financing under increasingly favorable conditions,' said Solomon Quaynor, Bank Group Vice President for Private Sector, Infrastructure and Industrialization. Jake Harper, Senior Investment Manager, Asset Management at L&G said, 'Channeling debt financing for sustainable outcomes will generate momentum towards bridging the $4 trillion annual SDG funding gap. L&G is proud to have partnered with the Fund as its first non-bank beneficiary lender, and the Government of Togo to support the sovereign's crucial growth agenda. We believe these transactions and innovative financing methods are combating the historic risk-return misperception; and demonstrating the compelling investment opportunity for commercial institutional investors to contribute to global sustainable development with investment-grade credit risk.' 'Deutsche Bank is extremely honored to have been selected to work on this landmark inaugural exercise for the Republic of Togo together with our partners at L&G, as well as the African Development Fund, and also Global Sovereign Advisory, Financial Advisors to the country,' said Maryam Khosrowshahi, Deutsche Bank Managing Director, Chair Global Sub-Saharan Africa, Head Sub-Saharan Africa Coverage. 'Leveraging our notable track record of similarly structured financings as well as our close engagement with the AFDB/ADF and the authorities, we have been able to deliver long term funding to the country at efficient terms and in support of critical green and social projects under their Sustainable Finance Framework.' Approval of this sovereign operation comes as the African Development Fund enters the final stages of its 17 th replenishment process. The project aligns with the Fund's intended shift toward directly accessing capital markets. 'This transaction also showcases the innovative use of the ADF guarantee to increase financing volumes available for low-income countries, beyond the traditional performance-based allocations. It marks the first use of the Guarantor-of-Record structure with the ADF sharing a portion of the guarantee exposure with highly rated credit insurance partners,' said Hassatou N'Sele, Bank Group Chief financial Officer and Vice-President. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communications and External Relations media@ About the African Development Bank Group: The African Development Bank Group (AfDB) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information:
Malay Mail
5 days ago
- Business
- Malay Mail
ILO chief says US ‘yet' to pay its dues as Trump's ‘America First' policy risks budget cuts
GENEVA, May 29 — The United States is behind in its dues to the International Labour Organization (ILO), but the UN agency's chief said Wednesday he was 'hopeful' they would soon be paid. Washington, under President Donald Trump, has stepped away from several UN agencies and programmes as it pursues an 'America First' policy that spurns multilateral bodies and pacts. 'Have they paid for the current year? Not yet. I always want to add 'yet' – not yet,' ILO chief Gilbert Houngbo told journalists. The ILO – devoted to promoting labour rights and decent employment – was not currently looking to revise its budget. 'It's not something that I'm contemplating,' Houngbo said. Under a February executive order, Trump directed his government to look at withdrawing from the UN Human Rights Council, the UNRWA relief agency for Palestinians, and UNESCO, the UN's education, science and culture agency. He has also pulled the United States out of the Paris climate accord and his country has started the process of withdrawing from the World Health Organization. The move has hit UN agency budgets hard, as the United States is often their biggest donor. Houngbo, a former premier of Togo, said that the ILO stood apart from the other UN agencies in terms of US priorities. 'Maybe I'm biased by saying this (but) the ILO is not necessarily viewed as negative,' he said. He noted that, while the United States had closed some 50 projects at the ILO – forcing the termination of around 200 jobs – it was part of the agency's board which in March approved the next ILO budget. That budget needs to be validated by all 187 member countries in a June 2-13 congress in Geneva. Should the United States – which accounts for 22 percent of the ILO's budget – end up not paying its dues, 'you may have to act accordingly on the worst-case scenario, you may have to consider a revised budget,' Houngbo said. He added that the ILO was about to start a cost-reduction programme that would include voluntary job reductions, moving some operations to cheaper cities elsewhere and using AI for translation work. That tilt was being made under a broader initiative in the UN started in March to improve productivity under tighter budgets. — AFP
Zawya
6 days ago
- Business
- Zawya
The African Development Bank approves an investment of US$100 million in Arise Integrated Industrial Platforms Limited.
The Board of Directors of the African Development Bank ( has approved an investment of $100 million in the industrial platform developer and operator Arise Integrated Industrial Platforms Ltd (Arise IIP) to contribute to funding industrial parks and special economic zones across Africa as a part of our industrialization strategic priority and flagship Special Agro-Industrial Processing Zones (SAPZ). The industrial platforms developed and operated by Arise IIP are primarily dedicated to supporting the transformation of key agricultural and industrial value chains in African countries that are leading global suppliers of raw commodities but have limited local processing capabilities. The platforms will provide developed industrial land, shared infrastructure and utilities, good export connectivity and simplified administrative procedures to agro-industrial tenants, allowing them to relocate global supply chains and value addition within African countries, while contributing to the reduction of carbon footprint of trade flows. Arise IIP seeks to replicate its successful industrial platform implementation experience in Gabon, Togo and Benin by establishing Special Economic Zones across other African countries with the aim of improving Africa's export competitiveness and intra-Africa trade strategies. ' There is economic and social value to be added to African-grown commodities like timber, cashew, cocoa and cotton when they are processed locally instead of being exported in raw form. Through programs like the African Development Bank's Special Agro-Industrial Processing Zones and investments in Zones partner companies like Arise IIP, we enable transformative, private sector-led agro-industrialization that boosts local processing of commodities, creates jobs and grows rural economies,' said Dr. Beth Dunford, the African Development Bank's Vice President for Agriculture, Human and Social Development. Based on Arise IIP's existing portfolio in Gabon (Gabon Special Economic Zone - GSEZ), Benin (Glo Djigbe Industrial Zone - GDIZ) and Togo (Plateforme Industrielle d'Adetikope - PIA), it is estimated that over 400 companies have been on-boarded from 47 industry sectors, which has led to the creation of over 50,000 jobs. The dominant sectors include wood, glass, soya, cashew processing, cotton processing and textiles, ceramics, beverages, pharmaceuticals and meat processing. It is also estimated that over $7 billion has been mobilized by tenant companies within the existing zones. ' This investment in ARISE IIP is a signal of the Bank's commitment to scaling up industrialization in Africa in value chains where we are competitive. This is also a demonstration of the strategic partnership we have with African MFIs such as the Africa Finance Corporation (AFC) and the Fund for Export Development in Africa (FEDA), the Afreximbank's equity impact investment arm, who are the principal equity investors in ARISE IIP. This is a good demonstration of our joint goals of making Africa's capital work better for Africa's development ', said Solomon Quaynor, African Development Bank's Vice President for Private Sector, Infrastructure and Industrialization. Gagan Gupta, CEO of Arise IIP, remarked, " The African Development Bank's investment highlights their confidence in our model as a driver of Africa's industrial growth. We are excited to strengthen our efforts in transforming local value chains, creating jobs, and supporting sustainable economic development across the continent. The dedication, vision, and hard work of the entire Arise team have been instrumental in building this partnership." Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contacts: Alexis Adélé Communication and External Relations Department media@ For Arise IIP: Audrey Mebaley Global Head of Communications Arise IIP About the African Development Bank Group: The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa's development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic developm ent and social progress of its 54 regional member states. For more information: About Arise IIP: ARISE Integrated Industrial Platforms (ARISE IIP) is a pan-African developer and operator of world-class industrial parks committed to making Africa thrive. Arise IIP identifies opportunities in commercial and industrial value chains across Africa, and conceives, finances, builds and operates the necessary infrastructure, playing a catalytic role in supporting countries to transition to an industrial economy. Arise IIP is driven by the pursuit of green growth, with an ambition to unlock the continent's industrial potential while neutralizing carbon emissions and climate impact. (Website:
Zawya
7 days ago
- Business
- Zawya
Ecobank named Best Bank in Africa 2025 in Global Finance Awards
Ecobank ( the leading private pan-African financial services Group which has unrivalled African expertise, is delighted to have been named Best Bank in Africa 2025 in Global Finance's World's Best Banks 2025 Awards. The Awards also selected Ecobank Gambia and Ecobank Togo as the Best Banks 2025 in their respective countries. Jeremy Awori, Chief Executive Officer, Ecobank Group, said, 'Driving intra-African trade is an important focus of our Growth, Transformation and Returns strategy and we are continuously leveraging technology and partnerships to further enhance our continental digital payments platform and to position Ecobank as Africa's trade bank of choice. 'These awards are a testament to Ecobank's intense focus on putting our customers at the centre of our decision making, and the quality of our comprehensive suite of financial products, services and solutions that we provide to global and regional corporates, financial institutions and international organisations. Our expertise and integrated coverage, which is networked across our 35-African country footprint, enable us to structure complex local and cross-border transactions. We maximise our impact across our markets by deploying our key product pillars of cash management; trade finance; fixed income currencies and commodities; loans and liquidity; investment banking; and securities, wealth and asset management.' In selecting the best bank winners, Global Finance's judges considered factors including growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. They also sought the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry, and held extensive consultations with corporate financial executives, bankers, banking consultants and analysts. The winners are banks that attend carefully to their customers' needs in difficult markets and accomplish strong results while laying the foundations for future success. Ecobank Transnational Incorporated, Ecobank Gambia and Ecobank Togo will be presented with their awards at the Global Finance Awards Ceremony at the National Press Club in Washington DC, USA, on 18 October 2025, which is being held during the IMF/World Bank Annual Meetings. Distributed by APO Group on behalf of Ecobank Transnational Incorporated. Media Contacts: Ecobank Transnational Incorporated Christiane Bossom, Group Communications, Ecobank Transnational Incorporated Email: groupcorporatecomms@ Tel: +228 22 21 03 03 Web: About Ecobank: Ecobank Group is the leading private pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs over 14,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For further information, please visit
Zawya
25-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Board of Governors Approves 2024 Annual Report and Audited Financial Statements – USD 13 Billion in Business Insured in 2024
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved USD 13 billion in business insured in the year 2024, bringing the cumulative Business Insured since inception to USD 121 billion, of which USD 96 billion is in export credit and USD 25 billion in investment. The Corporation facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. To drive operational excellence, ICIEC refined its pricing framework and enhanced economic capital models, ensuring more sustainable, risk-adjusted growth. Strategic partnerships were deepened with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The inclusion of the Togolese Republic as the 50th Member State further broadened ICIEC's reach and bespoke insurance solutons to promote economic development across West Africa. Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 Business Insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its USD 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. ' 2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17 th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit:
