The President of BOAD attended the launching of new products by the National Fund for Inclusive Finance in Togo
Lomé, 9 March 2015. Mr. Christian Adovelande, President of the West African Development Bank (BOAD) attended the opening ceremony of the launching workshop of the new products of the National Fund for Inclusive Finance (FNFI) in Togo. Chaired by the Togolese Head of State, His Excellency Faure Essozimna Gnassingbé, this ceremony marked the first anniversary of the effective start-up of the activities of the Fund, which stands as an instrument for poverty reduction, targeting especially women and youths in the rural and urban areas. In 2014, BOAD extended to Togo a loan involving XOF5 billion for the start-up of the Fund. This loan made it possible to launch a first product called ASPEF” (Access to financial services for the poor). To date, 400,000 Togolese citizens, who are mostly women – living in difficult conditions, benefitted from this product. In this regard, President Faure Essozimna Gnassingbé expressed his deepest thanks to BOAD for contributing significantly to the inception of this Fund. The ceremony was also an opportunity to launch two new products including “AJSEF” (Access to financial services for the youths) and “AGRISEF” (Access to financial services for farmers).
Support to the National Fund for Inclusive Finance reflects BOAD’s involvement in the micro-credit sector in the WAEMU countries. This consisted mainly in supporting microcredit projects in favour of the poorest, women and youths and handicraft development projects. The Bank also granted refinancing facilities to micro-credit institutions in the subregion. In addition to these, there were resources made available for credit component under various rural development projects supported by BOAD. Overall, BOAD spent a total amount of XOF22 billion on inclusive finance in the sub-region. In future years, BOAD intends to do more in this area. “The new strategic plan developed by BOAD for 2015-2019 gives higher priority to inclusive finance”, insisted President Christian Adovelande. The institution will ensure access to credit for vulnerable people by increasing its support to decentralized finance institutions as well as national entities in charge of inclusive finance. As such, national micro-credit and youth employment promotion funds are targeted.
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