Togocom secures €55 million loan from IFC
The International Finance Corporation (IFC), the development financing institution, today extended a €55 million loan to Togolese mobile operator and AXIAN Telecom subsidiary Togocom in order to increase access to quality mobile connectivity and assist the country's digital transformation.
Under the agreement, IFC will provide Togocom with a loan structured with the participation of Société Générale Benin through its branch Société Générale Togo and Ecobank Togo to assist the telco in modernising its infrastructure.
According to the IFC, this will hasten the rollout of its 4G network, increase its fibre network, and improve the quality and speed of data traffic.
According to a statement, the agreement aims to promote strong growth, social inclusion, and job creation by providing mobile and fixed broadband connectivity to 95% of the population and ensuring that 95% of hospitals, schools, and all public administration buildings have internet access by the end of 2025.
Togocom is a subsidiary of AXIAN Telecom, a pan-African telecommunications services company that serves over 38 million consumers in eight countries: Madagascar, Comoros, Reunion and Mayotte, Senegal, Togo, Uganda, the Democratic Republic of the Congo, and Tanzania.
"This investment demonstrates our commitment to consistently championing economic development and digitalisation in Togo," says Pierre Antoine Legagneur, CEO of Togocom.
Cina Lawson, Togo's minister of digital economy and transformation, adds: "The partnership with IFC marks a decisive step to improve access to equipment and high-speed internet and also to generate economic opportunities for our population.
“Beyond its economic impact, digital tools have the potential to enhance the daily lives of our citizens, and facilitate access to education, healthcare, and targeted social assistance. Togo's commitment to digital innovation, strengthened by this partnership, demonstrates our determination to build a progressive and technologically advanced nation for future generations."
"Togo's digital divide must be bridged through reliable mobile access. The IFC's investment in Togocom demonstrates our commitment to supporting Togo's efforts to advance its digital transformation strategy to foster growth, social inclusion, and job creation," says Olivier Buyoya, IFC regional director for West Africa.
According to the IFC, the development financing institution's investment in Togocom is consistent with its overall infrastructure strategy.
IFC provides long-term financing and industry advising services to help develop infrastructure projects that deliver critical services.
In 2023, the IFC contributed $1.76 billion to support digital infrastructure and connect the unconnected in Africa.