EU, AED Launch 655 Million CFA Franc Aquaculture Fund for Young Entrepreneurs in Togo

Agence Éducation-Développement (AED) and the European Union have launched a one-million-euro revolving fund, valued at about 655 million CFA francs, to support aquaculture graduates in Togo. The agreement was signed in Elavagnon, located in the Plateaux Region.

Source: togofirst

The fund will run for five years and is aimed at helping graduates overcome financing challenges that often prevent them from starting fish-farming businesses. It will be available to both past and future graduates of the IFAD-Aquaculture programme.

Under the arrangement, selected beneficiaries will receive funding to establish aquaculture businesses. Once the funds are repaid, the money will be made available to support other graduates, allowing more entrepreneurs to benefit from the programme over time.

European Union Ambassador to Togo, Gwilym Jones, said many promising projects fail to take off because of limited access to finance. He said the EU decided to support the revolving fund to help young entrepreneurs create jobs and contribute to economic growth.

In addition to funding, beneficiaries will receive training in financial management, business development, technical support and mentoring. Project stakeholders expect the initiative to create at least 50 new businesses, generate more than 100 sustainable jobs and add over 500 tonnes of fish production annually.