Togo gets US$15mn credit from World Bank for mining sector

mining tama66 pixabayTogo's mining sector is crucial to the growth of the country's economy. (Image source: Tama66/Pixabay)West African nation Togo has received a US$15mn World Bank IDA credit amount to strengthen its mining sector

The five Togo Mining Governance and Development project is valid from 2016 to 2020 and will streamline the mining sector to increase its efficiency and accountability. The project will target key strategic challenges to the sustainable development of Togo’s mining sector. It will ensure that requisite human resources, training and institutional capacity to plan and monitor mining operations are in place.

Togo country director Pierre Laporte said, “The Mining Governance Project is well aligned with the priorities set by the Togolese government to promote economic growth through infrastructure development, and it supports the investment climate and ease of doing business. It has also been designed to help local communities benefit more from mining activities.”

World Bank officials have stated that Togo has high mining potential, which can contribute to the nation’s economic growth vastly. In 2014, revenue from the sector was four per cent of total receipts and mining exports were 22 per cent of total exports. The West African country is renowned for phosphate deposits, aside from limestone and gold.

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