The West African Development Bank (BOAD) has approved two new loans for Togo totaling CFAF 82 billion. The funds will support agricultural mechanization, irrigation and the expansion of petroleum product storage capacity.
BOAD approved both loans at its 152nd ordinary board meeting, held on September 24 in Lomé, where the institution is headquartered.
CFAF 45 Billion for Agriculture
The larger loan, CFAF 45 billion, will finance the third phase of the Agricultural Mechanization and Irrigation Support Program, known as ProMAI. The project includes the development of 530 hectares and the purchase of irrigation equipment, with the aim of increasing annual rice production by at least 100,000 tons and creating jobs, particularly for young people and women.
The financing extends BOAD’s support for the modernization of Togo’s agricultural sector. In June, the bank approved CFAF 40 billion for the second phase of ProMAI, bringing its total financing for the program to CFAF 60 billion.
CFAF 37 Billion for Petroleum Storage
In the energy sector, BOAD is providing CFAF 37 billion to expand the storage capacity of the Lomé Petroleum Complex, COMPEL SA. The project will add 170,000 cubic meters of storage capacity to strengthen energy security in Togo and landlocked countries in the region.
The project supports Lomé’s growing role as a regional logistics hub, with its port and storage facilities serving markets across West Africa.
Located 3.5 kilometers from the Port of Lomé, COMPEL currently has an operational capacity of 244,000 cubic meters. The site has dedicated pipelines for different petroleum products, a petroleum terminal capable of accommodating vessels up to 250 meters long, and high-capacity loading facilities for regional distribution. The company identifies Burkina Faso, Mali and Niger among its key regional markets.
The expansion is expected to strengthen Togo’s role as a regional hub for the storage and redistribution of petroleum products. Overall, BOAD approved CFAF 157.5 billion in new financing for member countries during the session.
Ayi Renaud Dossavi