African Development Bank provides $32.2m budget support for Togo’s reform programme

The ongoing reform and governance programme initiated by Togo has received a boost from the African Development Bank (AfDB) Group.

The AfDB in a statement says it has approved of a $32.2-million budget support grant for the programme.

“The Board of Directors of the African Development Fund (ADF), the concessional arm of the Group approved the amount to finance phase two of the country’s Reform and Support Programme,” said AfDB.

Following a successful implementation of a previous budget support which resulted in a 3.7% growth rate, the AfDB said the second phase of the programme will ensure sustained and durable economic growth while improving Togo’s business environment, budget execution and overall financial management.

The Bank’s currently active portfolio in Togo comprises four projects estimated at $87 million. The current programme will be implemented from 2011-2012.

By Ekow Quandzie