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Togo turns to Islamic financing to support growth

To diversify its sources of financing its major infrastructure projects, Togo turns to Islamic finance. To this end, the authorities of this small country in West Africa have launched on July 20, 2016, a  » sukuk  » to mobilize 150 billion FCFA (€ 228.7 million) accompanied by an interest rate of 6.5% for a maturity that goes until 2026, according to the  Togolese Minister of State in charge of Economy, Finance and development Planning, Adji Otèth Ayassor.

« The economic growth of our continent is slow, due to lower commodity prices, especially oil, and the slowdown of the economies of Africa’s partners  . Despite this difficult economic environment and a worrying security situation, we have to diversify our sources of funding to support our growth « he added. After Senegal and  the Ivory Coast, Togo is the 3rd WAEMU country  to embark on the Islamic finance market.

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