The transaction, formally signed on 28 May 2025, marks the first-ever partial credit guarantee (PCG) of its kind in the country. With the African Development Bank (AfDB) acting as lead arranger, the PCG enables Togo to leverage its performance-based allocation fourfold, facilitating access to long-term, competitively priced funding from international commercial lenders Legal & General and Deutsche Bank. The proceeds will finance green and social projects aligned with Togo’s strategic initiatives to accelerate economic growth and sustainable financing. Targeted sectors include climate adaptation, biodiversity preservation, sustainable agriculture, clean energy access, and pollution control.

By facilitating financing from international commercial lenders on favourable terms, the transaction also strengthens Togo’s visibility and attractiveness to global investors, positioning it as a credible and forward-looking investment destination in West Africa.

Asafo & Co. provided comprehensive legal counsel to the ADF, advising on the structuring and negotiation of the PCG and associated financing documentation. The Asafo & Co. team advising on the transactions was led by partner Simon Ratledge alongside Jamal Fofana (partner) and Anna Lavigne (associate). The transaction underscores our firm’s commitment to innovation and development across Africa’s financial landscape and highlights the firm’s specialized banking and finance expertise—particularly in high-impact, market-shaping transactions.