In Togo, the Agence Française de Développement Group reaffirms its support to the private sector with Ecobank Togo

The Ecobank Group, based in Lomé, operates through 33 subsidiaries on the African continent, including Ecobank Togo. The bank's objective is to support Togolese small and medium-sized enterprises, which play a key role in the economic development of the country and more widely of Africa.

The Memorandum of Understanding signed today is the concrete expression of a sustainable partnership between Proparco and Ecobank Togo to support the development and growth of businesses in Togo through AFD Group's tools such as risk-sharing facilities and portfolio guarantees granted within the framework of the ChooseAfrica initiative to support African SMEs and its Resilience component

The EURIZ portfolio guarantee of EUR 3 million, should allow, to quickly meet the financing needs of Togolese SMEs. Launched in May 2019 with the support of the European Union and the European Development Fund, as well as the African, Caribbean and Pacific (OACPS) Group of States, the EURIZ guarantee aims to facilitate access to credit for SMEs, particularly in sectors with a high developmental impact, in order to help them play their essential role in economic growth and job creation. It is also part of the Choose Africa initiative.

AFD Group is thus reiterating its support for the Togolese private sector, one month after a consortium of European Development Finance Institutions (EDFIs) led by Proparco granted a senior loan of USD 60 million to Ecobank Transnational Incorporated (ETI), the Lomé based parent company of the Ecobank Group, to support the Group's liquidity program for its subsidiaries within the framework of the Choose Africa Resilience initiative. This facility aims to support the operations of the pan-African group's clients and help them cope with the effects of the pandemic.

Rémy Rioux said: "I am very pleased to sign this partnership agreement between AFD Group and Ecobank Togo today in Lomé, alongside Koen Doens, Director General of the European Commission and Ambroise Fayolle, Vice President of the European Investment Bank. The Europe Team is mobilized to support Togolese VSEs and SMEs, some of which have been severely weakened by the COVID-19 crisis. This partnership is part of our ongoing commitment to the private sector and to the continent's sustainable economic recovery.

For Souleymane Touré, Managing Director of Ecobank-Togo, "this partnership will allow us to further finance SMEs in the country, especially the Young Entrepreneurs of the FAIEJ program (Fonds d'Appui aux Initiatives Economiques des Jeunes). It will also be an asset to finance our ELLEVER program in Togo designed for women-owned, women-led or women-focused businesses".