Togo - Private Enterprise Development Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. P-4597-TO MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 9,0 MILLION (US$ 11.5 MILLION EQUIVALENT) TO TOGO FOR A PRIVATE ENTERPRISE DEVELOPMENT PROJECT 4. July 20, 1987 This document has a restricted distribution and may be used by recipients only In the performance of their officW duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Unit CFA Franc (CFAF) US$1.0 - CFAF 300 CFAF 1.0 US$0.0033 SDR 1.0 - US$1.278 GLOSSARY OF ABBREVIATIONS BCEAO - Central Bank of West African Monetary Union (Banque Centrale des Etats d'Afrique de l'Ouest) CTI - Togolese Investors Agency (Centre Togolais des Investisseurs) DIVA - Entreprise Assistance Unit (Division d'Assistance aux Entreprises) MISE - Ministry of Industry and Public Enterprises (Ministere de l'Industrie et des Societes d'Etat) FISCAL YEAR Government: January 1 to December 31 Banking System: October 1 to September 30  FOR OFFICIAL USE ONLY TOGO PRIVATE ENTERPRISE DEVELOPMENT PROJECT CREDIT AND PROJECT SUMMARY Borrower: Republic of Togo Beneficiaries: Private enterprises in productive sectors other than trade, real estate, and primary agriculture. Private sector support institutions. Amount: SDR 9.0 million (US$ 11.5 million equivalent) Terms: Standard Onlending Terms Funds onlent under the line of credit would be at a final rate of 10 percent p.a. (9 percent p.a. for SSEs), to be reviewed periodically in conjunction with adjustment of UMOA's interest rates, and with maturities of 2 - 15 years including grace periods of 1 - 3 years. The foreign exchange risk would be borne by the Government against a fee included in the final lending rate. Financing Plan Local Foreign Total -------