New government scheme offers financial facilities for farmers in Togo
The financial component of a governmental programme to support the agricultural sector (PASA) was officially launched last Monday in Lomé, Togo.The financial component of a governmental programme to support the agricultural sector (PASA) was officially launched last Monday in Lomé, Togo.
According to Xinhua news agency, this scheme will make available competitiveness and guarantee funds -as well as grants - to small and medium-sized companies within the agricultural sector.
With a budget of 1.2 billion FCFA (€ 1.8 million), this programme aims to support the development of producers and strengthen their capacities.
Projects must be innovative and strive for the emergence or the strengthening of a partnership between different actors within the sector. Projects must also demonstrate their potential profitability.
The Funds may finance 70 percent of the cost of eligible activities with a ceiling of 25 million FCFA per project (€38,000).
Professor Kako Nubukpo, researcher in Economics at the University of Lomé, told L’Indépendant Express that agriculture is the engine of the Togolese economy, employing more than 70 percent of the local labour force and accounting for nearly 20 percent of Togo's exports. It also contributes to about 40 percent of gross domestic product.