Afreximbank, Ecobank Togo, and BIA Togo Support Construction of Adétikopé Industrial Platform
The African Export-Import Bank (Afreximbank), as Lead Manager, and Attijariwafa Bank Group, the Togolese subsidiary of 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 agreement is worth a total of 145 million euros, which is more than 95 billion CFAF, and is part of the effort to help Togo's social and economic development by putting the new government roadmap for 2021–2025 into action.
The new government roadmap, 2021–2025, aims to transform Togo into a modern state with sustainable and inclusive economic growth.
The Adétikopé Industrial Platform intends to improve its attractiveness and attract investors to expand industrial and multi-sectorial activities, such as processing agricultural goods (cotton, soybeans, cashew nuts, etc.), and local mining, by creating more than 35,000 direct and indirect jobs.
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 establish agricultural processing industries (cashew, pineapple, corn, mango, and sesame) and modern infrastructure.
Afreximbank, Ecobank, and BIA Togo each contributed €85 million, €45 million, and €15 million, respectively.
This banking pool joins the West African Development Bank (WADB), which has approved a loan of approximately 30.5 million euros (20 billion CFA francs) for PIA TOGO. The agreement, 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.
Oluranti Doherty – Director of Export Development, Afreximbank, said:
"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 totalling approximately €257 million.
"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."
Souleymane Touré, Managing Director of Ecobank Togo, said:
“As a subsidiary of the pan-African banking group with the largest presence on the continent, one of our major ambitions is to support governments in structuring and financing value-added projects. By contributing up to 45 million euros to the financing of the construction of the Adétikopé Industrial Platform, we reiterate our commitment to the Togolese State in the implementation of its socio-economic development strategy, for which we collaborate with major financial players such as AFREXIMBANK, BIA, and BOAD.”
Mr. Kossi DJOKOTO, Deputy General Manager of BIA Togo, said:
"The pan-African group, Attijariwafa Bank, of which we are a subsidiary, is resolutely committed to financing strategic projects for the national economy to create 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."