World Bank Approves $150 Million to Support Jobs and Private Investment in Togo
The World Bank has approved a major financial package of 150 million dollars to help boost private investment and create jobs in Togo. The funding, which is equal to about 83.7 billion CFA francs, was approved on Monday, December 15, and will be provided through the International Development Association, also known as IDA.
The support marks the start of a three-year program aimed at strengthening Togo’s economy and promoting sustainable employment. According to the World Bank, the main goal is to attract more private investment while improving job opportunities, especially for young people and small businesses.
The program will focus on key reforms needed to transform the country’s economy. These include improving agricultural productivity, reducing infrastructure challenges, and creating a better business environment to attract local and foreign investors.
In the agriculture sector, the program will help small-scale farmers by improving land security and expanding access to financing. Many farmers struggle to invest in their work due to unclear land ownership and limited credit, and the reforms are expected to address these challenges.
The funding will also support improvements in critical sectors such as energy, digital services, and logistics. These areas are seen as essential for increasing productivity, lowering business costs, and making Togo more competitive in the regional and global markets.
The World Bank says the program could have a strong impact if fully implemented. Justin Beleoken Sanguen, the Acting Resident Representative of the World Bank in Togo, said the initiative could help attract up to 800 million dollars in additional private capital over the next five years. He added that it could also improve employment conditions for about 73,000 people.
Land reform is a major part of the program. Plans are underway to create a National Land and Domain Agency, which will be responsible for managing land policies and speeding up the issuing of land documents. This is expected to make it easier for farmers and investors to operate with confidence.
The energy sector will also see reforms. The government plans to revise the rules governing the Togolese Electricity Company to improve management and encourage more private sector participation. Other measures include better legal protection for foreign investors and improved links between education and technical skills training.
The World Bank says the program reflects a shared commitment with Togo to support private businesses, strengthen small and medium-sized enterprises, and promote long-term economic growth.
