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Press Release – President Faure Gnassingbé takes the TOGO INVEST Corporation State Holding on the baptismal font

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Lome – May 29, 2013

The Togolese Head of State, Faure Essozimna Gnassingbé officially launched on May 28th, 2013 in Lomé, a State Holding called TOGO INVEST Corporation.

With a capital of 20 billion CFA Francs, released at a quarter, TOGO INVEST’s main mission is to ensure the realization of a major transport Corridor project, connecting the Autonomous Port of Lomé to Cinkassé, the northern border, on a distance of about 760 km.

Created by decree issued by the Council of Ministers on November 14th, 2012, following the recommendations of the Presidential Council for Investment, TOGO INVEST has as sole shareholder the Togolese State and will be in charge of establishing public-private partnerships for the construction of a railway, a viable road network, a mineral terminal and other infrastructure that will accelerate economic and social development along the corridor. A thermal power plant and a broadband telecommunication network built into the railway will complete the system.

“It is time for Togo to take advantage of its geographical location, its strategic position. The potential is there. The corridor allows us to achieve it, “said President Faure Gnassingbe during the launch ceremony attended by Nigerian businessman Dangote and the French boss Claude Peyrot, who are members of the TOGO INVEST Corporation Board of Directors.

The creation of TOGO INVEST is part of an ambitious economic program that aims to push Togo by 2015 to a double-digit growth rate. According to the Togolese Head of State “the originality of the project is that this railway will not only be used for the transport of minerals, but it will allow us to truly develop our economy. And this railway will be financed by mining resources that we have long neglected or that we could not exploit, because the profitability was not assured”.

The project to create a development corridor in Togo also has a sub-regional scope. In particular, it will enable the hinterland countries, in search of maritime outlets, to transport various types of freight to and from the Autonomous Port of Lomé.

The organization and operation of TOGO INVEST are modeled on state-owned holding companies in OECD countries and place a strong emphasis on transparency and rigor in management.

Shortly before the opening of the first meeting of the Board of Directors, the Togolese Head of State urged stakeholders to make TOGO INVEST a model for corporate governance. “If this holding company is not managed according to international standards, it is certain that we will not be able to attract investors. We can not rely on budgetary resources to finance such investments. We will need the input of private investors. But they will not come if we are continually in instability and social disorder. They will not come if they do not find a qualified workforce in our country, “said President Faure Gnassingbé. It is a seemingly economic project, but it is transformative for our country, he concluded. END.

Background

The 2011-2015 government economic program is underpinned by accelerated growth, employment promotion and social inclusion in a context that remains marked by a high poverty rate (58.7%). %), an unemployment rate of around 3.5% and underemployment estimated at 29.1%. All these indicators will maintain Togo, if nothing is done, in the category of LDCs, until 2030.

Shock therapy is therefore a necessity if Togo wants to achieve a rate of growth well above the rate of 7%, the minimum required by the development experts to significantly reverse the trends in the fight against disease. poverty.

After a careful assessment of the situation, the Presidential Council for Investment, launched by the Togolese Head of State in January 2011, advocated an approach based on the development corridor model. The geographical position of Togo, which has the only deep-water port in the West African subregion, represents a strategic asset from this point of view.

TOGO INVEST, which has just been created, will take investments and assets in various private companies to help the Togolese government to achieve the development corridor.

With its status of State Holding, TOGO INVEST is placed under the law No. 90-26 of 4 December 1990 reforming the institutional and legal framework of public enterprises

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