- West Africa
Togo’s debt written off by African Develoment Bank
The Africa Development Bank (AfDB) has written off Togo’s debt owed the Bank estimated at more than 10 billion FCFA, official sources in Lomé, said on Tuesday.
A memorandum of Understanding was signed on Monday at the Tunis-based AfDB headquarters by the Togolese Minister of Economy and Finance, Adji Otteth Ayassor and the AfDB vice-chairman, Joseph Eichemberger.
According to the Togolese minister of Economy and Finance, Togo’s debt to the Af DB 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 AfDB mission visited Togo last November while at the end of February its chairman Donald Kaberuka was also in Lomé discuss the re-engagement of the AfDB in Togo.
The bank has since 1972 financed 27 operations in country amounting to 121.5 billion FCFA.
Several organisations and countries have since last October’s parliamentary poll resumed cooperation with Togo. These include the European Union, World Bank, International Monetary Fund and Germany. Panapress.