Public Management

Togo: African Development Bank approves $3 million loan reallocation to agriculture sector for COVID-19 response

Togo: African Development Bank approves $3 million loan reallocation to agriculture sector for COVID-19 response
Tuesday, 23 June 2020 18:22

The Board of Directors of the African Development Bank have approved the reallocation of $3 million in loan resources to help Togo purchase agricultural inputs to enhance food security in the wake of the COVID-19 pandemic.

The approval on 18 June, enables required funds from a previously approved African Development Fund (ADF) loan to be channeled to the Togo Agro-Food Processing Project (PTA-Togo), for the purchase of fertilizers, organic pesticides and seeds for approximately 150,000 smallholder farmers. The implements will help farmers to handle the effects of COVID-19 during the coming cropping season.

Since the World Health Organization declared COVID-19 a pandemic in March, African governments have adopted strict containment measures, which have had adverse economic effects across the continent. The health crisis has already disrupted food chains through its impacts on food supply and demand, and a decline in producers' purchasing power, production capacity and access to agricultural inputs.

Togo is highly dependent on its agricultural sector, which accounts for more than 40% of GDP and employs almost 65% of its active population. If the pandemic persists, the risk of a food crisis similar to that of 2008 is quite high.

The Government of Togo wants to avert such a crisis by taking the appropriate measures, in particular by purchasing quality agricultural inputs for producers The use of these inputs is projected to boost additional production of 12,700 tonnes of maize, 18,000 tonnes of rice, 1,700 tonnes of sesame seeds and 2,200 tonnes of market garden produce. “In addition to reducing the effects of COVID-19 on food security, the planned input procurement operation will will ultimately contribute to increasing production and thereby reduce food imports,” Director Martin Fregene said.

To help curb the effects of COVID-19 in Africa, the African Development Bank has set up a COVID-19 Response Facility (CRF) of up to $10 billion to provide its Regional Member Countries the resources necessary to deal with the pandemic.

A budget support package worth $27.44 million to Togo, is currently under consideration to provide further support to enhance the nation’s economic and health resilience in the face of COVID-19.

As of 23 June, Togo has recorded 569 cases of covid-19 with 13 deaths and 380 recoveries.

24968 in Agency agrf jennifer blanke agrf afdb copy

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
I&M Group raises stake in I&M Bank Tanzania to 95.5% Deal follows exit of Proparco and MEAL after 15 years Group bets on growth in...
SEC sharply increases capital thresholds across the securities industry Brokers, asset managers, issuers, and digital asset firms face higher...
PCM Capital Partners sold its entire 10.6% stake in First Atlantic Bank following an oversubscribed IPO on the Ghana Stock Exchange. The...
Libya’s central bank cut the dinar by 14.7% to 6.37 per dollar, marking the second devaluation in less than a year. Authorities cited unchecked...
Most Read
01

Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...

Togo accounts for 16.2% of cross-border bank financing in WAEMU
02

Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...

Stripe-Owned Paystack Enters Nigerian Microfinance Banking Via Acquisition
03

Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...

Amazon wins approval to enter Nigeria’s satellite internet market
04

Tether partnered with the United Nations Office on Drugs and Crime to strengthen digital asset cyb...

Tether and UNODC Launch Digital Asset Cybersecurity Initiative in Africa
05

Microfinance deposits in Togo increased by CFA11.9 billion, a 2.7% rise in the second quarter of 2...

Microfinance: Deposits in Togo Rise 2.7% in Second Quarter of 2025
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.