Economy
Wednesday, 09 June 2021 12:29
(Togo First) - In June last year, Togo said it completed the reprofiling of its internal debt, an operation started six months earlier. At the time, Moody’s, a rating agency, had declared that the debt reprofiling would cut the country’s debt service by around €130 million within the next three years. Now, a little more details explaining the reason for the success of the operation have filtered.
The first phase of the reprofiling was materialized thanks to a loan of €103 million (CFA67 billion), from Tokyo-MUFG, Japan’s biggest bank. The loan is to be repaid over 10 years, with a two-year grace period, at an interest rate of 4.68% per year.