ADB to settle in Togo

ADB to settle in Togo

The African Development Bank (ADB) will open a regional office to cover Togo and Benin, with headquarters in Lomé. The news was confirmed on Sunday by Donald Kaberuka (photo), Head of the ADB, during a meeting at Washington with Adji Otèth Ayassor, the Togolese Minister of Economy and Finance.
Mr. Kaberuka hopes that this implantation will be effective no later than September, subject to finding a suitable premises.
In addition, the Bank's President announced that the institution would finance the renovation of the road- Atalpamé-Blitta-Sokodé-Kara up to the border of Burkina Faso. He gave no figures, but the budget is estimated at 80 billion CFA francs.
Other confirmed partial funding by the ADB, is of the new dock at the Port of Lomé, which already benefits a support of 120 million Euros granted by the International Finance Corporation (IFC, World Bank Group). The project consortium is led by the Lomé Container Terminal (LCT) (MSC and Getma groups).
Mr. Ayassor also met the French director of the IMF, on Sunday. Ambroise Fayolle commended the authorities for their Lomé policy reform and on having achieved the completion point in record time under the HIPC Initiative. He assured that France would continue its support to the policy of economic and financial reforms.
The Togolese Minister was participating in Spring Meetings of IMF and World Bank, since Tuesday.


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