Togo : IFC will focus more on SMEs from now on

Investments
Monday, 22 July 2019 16:57
Togo : IFC will focus more on SMEs from now on

(Togo First) - The International Finance Corporation (IFC), the World Bank’s arm for private sector, plans to soon invest in micro, small and medium enterprises in Togo, after having financed large firms such as Ecobank, Contour Global and LCT in the country for years.

On July 8, 2019, Africa Global Recylcing, a local SME, joined the IFC’s Local Champion Program in this framework.

“From now on, our strategy is to work with SMEs. In this framework, I signed on Monday, July 8, a technical support agreement with AGR (Africa Global Reclycing), a small firm which does recycling. Our goal is to support this business, help it grow and meet its growth objectives. This is the type of investment we’ll be making henceforth,” declared Sérgio Pimenta (photo), Vice President of the IFC, during a three-day visit in Lomé.

“We want to invest more, create new jobs and provide new opportunities to Togolese people,” he added.

Just like the AGR, well-known local businesswomen ‘Nana Benz’, could also benefit from the corporation’s support.

“I have discussed with these famous businesswomen on how we could help Togolese businesswomen… I was fascinated by their history, by how they became some of the first of their kind to buy a Mercedes Benz with their business,” Pimenta also said.

The IFC’s new strategy to invest in smaller businesses emerges as Togo is seeking funds to finance its national development plan; a plan to which the private sector should contribute greatly.

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