The International Finance Corporation (IFC) has provided a loan of €55 million to Togocom, a Togolese mobile operator and a subsidiary of AXIAN Telecom. This move is aimed at expanding quality mobile connectivity and aiding the digital transformation of the country.
The International Finance Corporation (IFC) will provide a loan to Togocom, a Togolese mobile operator and subsidiary of AXIAN Telecom, in conjunction with Société Générale Benin through its branch Société Générale Togo and Ecobank Togo. This will help Togocom in modernising its infrastructure.
According to IFC, this move will expedite the spread of its 4G network, expand its fibre network, and increase the efficiency and speed of data traffic.
The agreement plans to stimulate strong economic growth, social inclusion, and job creation by expanding mobile and fixed broadband connectivity to 95% of the population. It also ensures that 95% of hospitals, schools, and all public administration buildings have internet access by the end of 2025.
Togocom, part of AXIAN Telecom, is a pan-African telecommunication services provider that caters to over 38 million consumers across eight countries including Madagascar, Comoros, Reunion and Mayotte, Senegal, Togo, Uganda, the Democratic Republic of the Congo, and Tanzania.
Pierre Antoine Legagneur, CEO of Togocom, has stated that their investment strongly evidences their commitment to continuously promoting economic development and digitalisation in Togo.
Togo’s Minister of Digital Economy and Transformation, Cina Lawson, considers this partnership with the IFC as a critical move to enhance access to equipment and high-speed internet, stimulating economic opportunities for the public. Lawson sees the potential of digital tools in improving citizen’s lives, including better access to education, healthcare, and targeted social aid.
Olivier Buyoya, the IFC Regional Director for West Africa, stated the IFC’s investment in Togocom is reflective of their support to bridge the digital divide in Togo, facilitating growth, social inclusion and job creation.
The IFC reports that its investment in Togocom is in line with its overall infrastructure strategy. IFC continues to provide long-term financing and industry advisory services to aid in the development of critical service infrastructure projects.
In 2023, IFC provided $1.76 billion investment to augment digital infrastructure and connectivity within Africa.
