ADB writes off 99% of Togo's debt
The Africa Development Bank (ADB) has written off Togo's debt owed the Bank estimated at more than 10 billion FCFA. A memorandum of Understanding was signed on Monday at the Tunis-based ADB headquarters by the Togolese Minister of Economy and Finance, Adji Otteth Ayassor and the ADB vice-chairman, Joseph Eichemberger.
According to the Togolese minister of Economy and Finance, Togo's debt to the ADB was now estimated at some 105 million FCFA.He said this had paved the way for the re-engagement of the bank to support socio-economic projects in the West African state.
An ADB mission visited Togo last November while at the end of February its chai rman Donald Kaberuka was also in Lomé discuss the re-engagement of the ADB in Togo.