Home BUSINESS MADAGASCAR: Two projects totalling $54 million

MADAGASCAR: Two projects totalling $54 million

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Funding from technical and financial partners is effectively used in development projects. The government enjoys the trust of donors. The Minister of Economy and Finance Richard Randriamandrato reiterated this at the ICC Ivato during the signing of two financing agreements between the African Development Bank (AfDB) and the Malagasy state. By Midi Madagasikara

Important Sectors

These two projects, totalling US$54 million, involve two important sectors of the economy: agriculture and industry. The Development Project of the Agro-Industrial Processing Area of South-West Madagascar (PTASO) is funded to the tune of USD 27 million. A project that will have its golden weight for the southern regions of the country, since it will promote agricultural value chains including rice, peas, maize, fish products and small ruminants. This is done through the development of infrastructure and the encouragement of the private sector to support industrial transformation. These include the creation of the Toliara agro-industrial platform and the Tandadave agro-business centre, the improvement of agricultural production infrastructures, the strengthening of the capacities of agro-industrial sectors, etc. These actions will result in the creation of wealth and jobs, improved food security, and the reduction of chronic malnutrition in southwest Madagascar. The SAWP will cover an agricultural area of 83,000 hectares and will have a concrete impact on the daily lives of 152,000 direct beneficiaries and 460,000 indirect beneficiaries, 54.7% of whom are women.

Direct Support

The Project to Support Industrialization and the Financial Sector (PAISF) is financed by a loan of USD 17 million from the AfDB. Coming in direct support to the Emergence Plan of Madagascar, The project is oriented towards the industrial sector, which is considered essential for strengthening Madagascar’s resilience and significantly reducing poverty through the creation of decent jobs and the promotion of investment. In addition, PAISF emphasizes the role of the financial sector, whose access must be facilitated for small and medium-sized enterprises to promote their integration into industrial value chains. In its implementation, the PAISF should promote the conditions for private investment in Madagascar’s manufacturing sector, particularly in sectors where the country has comparative advantages, such as textiles and agri-food. The project could help accelerate the development of Zones of Industrial Emergence (ZEI) that will capitalize on these comparative advantages and develop value chains in the perspective of the continental free trade area and attract international investors.

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To good use

These two projects reflect in any case the excellence of the relations between Madagascar and the AfDB. “AfDB will continue to work for the development of Madagascar,” said its resident representative, Mohamed Abdallah Cherif. “ For his part, the Minister of Economy and Finance, Richard Randriamandranto reiterated that the government really works for the development of the country and uses the funds wisely. “The funds are actually used by the ministerial departments involved in the development projects financed,” he said.

Source : Midi Madagasikara / By R.Edmond.

       

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