Togo recently ratified the Agreement on Investment and Export Credit Insurance, signaling a strategic move towards enhancing investor confidence and bolstering economic stability.
Togo’s accession to ICIEC Agreement: A strategic move
On April 4, 2024, Togo made a significant stride by adopting the Agreement on Investment and Export Credit Insurance bill authorizing its accession to the Agreement establishing the Islamic Company for Insurance of Investments and Export Credits (ICIEC). This development holds profound implications for the nation’s economic trajectory and investment climate.
Strengthening investor confidence
One of the primary outcomes of Togo’s membership in the Agreement is the establishment of an investment guarantee institution, spearheaded by the Islamic Development Bank (IDB). This initiative is poised to fortify Togo’s appeal to potential investors, providing them with enhanced security and stability for their investments within the country and make public-private partnerships more attractive.
Fostering economic stability
By embracing this Agreement, Togo aims to consolidate its fiscal position and foster greater economic stability. The membership is anticipated to positively impact the nation’s public accounts, offering a favorable environment for sustainable economic growth and development.
Empowering the private sector
Furthermore, Togo’s accession to the SIACE Agreement is expected to catalyze growth within the private sector. This strategic move is aligned with the government’s agenda to promote public-private partnerships and stimulate private sector participation in driving economic progress.
The government’s vision for economic prosperity
Rose Kayi Mivedor, Minister of Commerce, Crafts, and Consumer Affairs, underscored the government’s commitment to creating an enabling business environment. She emphasized that Togo’s membership in the SIACE Agreement aligns with the administration’s vision to prioritize economic advancement and facilitate private sector financing, calling it “a real response to economic and social needs and private sector financing”.
Present at the announcement were Mrs. Yawa Djigbodi Tsègan, President of the National Assembly and Pâcome Adjourouvi, Minister of Human Rights, citizenship training, and relations with the institutions of the Republic.
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