A grant of 13.7 billion from IDA

19/07/2011
A grant of 13.7 billion from IDA

Togo will receive a grant from the International Development Association (IDA) of 6.4 billion FCFA for the financing of the Project to Support Private Sector Development (PSDP) and another 7.34 billion in additional funding for the Project Emergency Rehabilitation infrastructures and Electrical Services (PURISE).

The agreements were signed on Tuesday in Lomé by the Minister of Economy and Finance, Adji Otèth Ayassor, and Hervé Assah, Resident Representative of the World Bank in Togo.

"The project for Support to Private Sector Development (PSDP) aims at contribution to improve the investment climate in a new zone and improving the performance of micro enterprises and small businesses. The PURISE, in turn, will allow the state to continue its policy of rehabilitation of infrastructure and power sector," said Ayassor stressing that this would help boost the state in the politics of growth and improvement living conditions of the population.

"These two new funds aimed at supporting government efforts in promoting sustainable economic growth, particularly through the establishment of an enabling environment for private sector development, and development and infrastructure rehabilitation urban," said Hervé Assah. 

The International Development Association is the institution of the World Bank that helps the poorest countries. Founded in 1960, IDA aims to reduce poverty by providing grants and interest free loans to finance programs to stimulate economic growth, reduce inequalities and improve people's lives. 

Photo: Herve Assah (left) and Adji Otèth Ayassor

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