Togo and the United Arab Emirates signed on Monday in Abu Dhabi a Memorandum of Understanding of US $ 15 million to finance small and medium-sized enterprises (SMEs) and small and medium industries (SMI) in Togo.
Funding is provided by the Khalifa Fund for Enterprise Development and the documents were signed by Hussain Jasim Al Nowais, President of the Khalifa Fund, and Sani Yaya, the Minister of Economy and Finance of Togo.
This is the result of exchanges between the crown prince of Abu Dhabi Mohamed Bin Zayed and Togolese President Faure Gnassingbe, visiting friendship and work since Sunday in Abu Dhabi, the United Arab Emirates.
Exchanges took place around “issues of development, multilateralism, job creation for youth and promotion of renewable energies including solar energy,” says the statement of the Presidency of the Togolese Republic.
The Togolese presidency enshrined Faure Gnassingbe’s stay as part of the “mobilization of investors as the first ambassador” for Togo’s National Development Plan (NDP) planned for 2018-2022.
The total cost of the NDP is estimated at $ 8.3 billion and Togo intends to mobilize 65% of the financing from the private sector.
The NDP is the reference document on the structural transformation of the Togolese economy aiming, among other things, to create 500,000 jobs and to achieve an economic growth rate of 7.6% by 2022, based on growth envisaged at 5% in 2019.