World Bank commits $16.3m to Togo
24 May 2010
A grant worth $16.3 million (£11.3 million) has been approved by the World Bank's Board for the Republic of Togo.
The funds will benefit the energy sector, as well as other key parts of the economy including cotton and phosphates, which are among the main exports from the African country.
This will by achieved by creating a stronger system of governance and transparency, alongside other reforms to public finances.
Togo's Third Economic Recovery and Governance Grant (ERGG-3) is included in the bank's Interim Strategy Note, as well as the country's Poverty Reduction Strategy Paper.
Madani Tall, country director for Togo, said: "We congratulate the Togolese authorities for the considerable efforts made to reform key areas of the economy and for the progress achieved so far."
He hoped ERGG-3 will assist in addressing the challenges ahead for Togo's institutional sector and economy.
An assessment of the cotton company's management information and system of cost accounting was among the previous actions of the government before the grant was approved.