The Electric Power Company of Togo (CEET) has obtained financing of $ 43 million from the West African Development Bank. The funds will be used to settle the debt arrears owed by the national company to its suppliers, including Nigeria in priority.
The West African Development Bank (Boad) has allocated 25 billion CFA francs ($ 43 million) in funding to the Togo Electric Power Company (CEET). The financing will allow the energy company to finance part of its debt settlement plan.
CEET will be able to settle, among other things, Nigeria, to which it owes with Benin, $ 66.5 million on behalf of the electricity delivered during the first three quarters of 2019. Faced with their arrears, the Transmission Company Nigerian regularly threatens to stop their supply.
Since January 2019, Togo and Benin have separately imported their electricity from Nigeria due to the change in the corporate purpose of the CEB. The Benin Electric Community, which until then had produced and transported energy for the two neighbors, has become a network operator.
Source: Agence Ecofin