The World Bank has approved a $150 million finance package to help Togo to finance its National Development Plan 2018-2022.
The financing is expected to help Togo to improve fiscal and debt management, reduce the cost of electricity and promote the use of renewable energy.
The plan aims to:
- Boosts private sector development
- Create fiscal space to increase public investment and social spending
- Support reforms to strengthen tax revenue mobilisation
- Enhance the quality and efficiency of public procurement procedures
- Improve debt management and transparency
- Help the government achieve its goal of 60% access by 2022 and universal access by 2030 to affordable, reliable, and modern electricity services
- Transform the economy and achieve sustainable, resilient and inclusive growth, create jobs, and improve social welfare
- Increase energy utility revenue collection
- Doubled the number of internet users.
“This financing will support the government reform agenda to strengthen fiscal and debt management and improve the financial viability of the energy sector. The programme of reforms should contribute to more inclusive growth by increasing private investment and creating more decent jobs,” said Hawa Cisse Wague, World Bank Resident Representative for Togo.