The African Export-Import Bank (Afreximbank), as Lead Manager, and Attijariwafa Bank Group, the Ecobank Group, and BIA Togo have signed a credit agreement with Plateform Industrial Adétikopé SAS (PIA) for the construction of the infrastructure of the Adétikopé Industrial Platform, which spans 400 hectares. This arrangement, worth 145 million euros (more than CFAF 95 billion), is part of Togo’s assistance for socioeconomic development as part of the execution of the new government agenda for 2021–2025.
The new government strategy 2021-2025 aims to transform Togo into a modern state with sustainable and equitable economic growth. The Adétikopé Industrial Platform intends to improve its attractiveness and attract investors to expand industrial and multi-sectorial activities, such as the processing of agricultural goods (cotton, soybeans, cashew nuts, etc.) and local mining, by creating more than 35,000 direct and indirect employment.
In its first phase, the project includes an industrial zone, a logistics zone, a commercial and residential hub, and a world-class infrastructure. In phase 2, it will also establish agricultural processing businesses (cashew, pineapple, maize, mango, and sesame) and modern infrastructure.
This banking pool joins the West African Development Bank (WADB), which has approved a loan of around 30.5 million euros (20 billion CFA francs) for PIA TOGO. The deal, which has a total cost of 247 million euros, was signed on October 21, 2021, completing the funding strategy for this key project for the Togolese economy. As a Security Agent, AfDB is also involved in the overall bank financing of the project.
“Afreximbank considers the industrial platform as an initiative in line with its objectives of promoting and facilitating the development of African industrialization and exports. This project represents Afreximbank’s fourth project in the Industrial Parks space with the Arise Group (two projects in Gabon and one in Benin), a collaboration that today represents solutions totaling approximately €257 million,” said Oluranti Doherty – Director of Export Development, Afreximbank.
“Afreximbank has played a central role in the creation of various industrial parks and special economic zones across Africa, and we are convinced that these projects could prove transformative to their countries’ industrialization and export development efforts. We are pleased and proud to be working again with Arise, which has proven to be a reliable and extremely effective partner in the past,” added Oluranti Doherty.
“As a subsidiary of the pan-African banking group with the greatest footprint on the continent, one of our key aims is to help governments in developing and funding value-added initiatives,” stated Souleymane Touré, Managing Director of Ecobank Togo.
“We renew our commitment to the Togolese State in the implementation of its socioeconomic development strategy, for which we partner with significant financial actors such as AFREXIMBANK, BIA, and BOAD, by providing up to 45 million euros to the financing of the Adétikopé Industrial Platform.”
“The pan-African group Attijariwafa Bank, of which we are a subsidiary, is resolutely committed to financing strategic projects for the national economy with a view to creating shared value. The participation of BIA-Togo in the financing of the large-scale project of the Industrial Platform of Adétikopé up to 15 million Euros is our contribution to the structuring of an integrated ecosystem going from logistics and warehousing to the transformation of our basic products. This vision of industrialization carried by the Togolese State is a pledge to accelerate the socio-economic development of the country”, declared Mr. Kossi DJOKOTO Deputy General Manager of BIA Togo.
