TOGO PRESIDENT DISCUSSED RN1 UNITY HIGHWAY FUNDING PLANS WITH AfDB BOSS

The President of Togo, Faure Gnassingbé, and the President of the African Development Bank (AfDB), Akinwumi Adesina, met on February 27, 2024. The meeting focused on mobilizing funds to implement the RN1 Unity Highway (Lomé-Cinkassé) project. The RN1 Unity Highway project requires a $2.9 billion investment. The AfDB and its partners will provide the funds. 

Gnassingbé and Adesina explored strategies to attract investors to the project. The project should bolster Togo’s position as a logistics hub and a corridor for economic development, with significant benefits extending to the countries of the hinterland. In line with this goal, the AfDB has committed to investing in healthcare infrastructure, industrialization, and socio-economic development in Togo.

The AfDB is already actively engaged in various projects in Togo, including agro-poles, the development of agro-food processing industries, road rehabilitation, and renewable energy initiatives.

As of October 15, 2023, the AfDB’s current portfolio in Togo stood at 211.33 billion CFA francs, covering 18 operations, four regional projects, and one private project. 

Last November, the two parties had overlooked the project in Marrakech, Morocco, at the 2023 Africa Investment Forum (AIF)

SOURCE: TogoFirst