Supporting the country’s development financing

The African Development Bank (AfDB) has granted 67 million USD to Madagascar, according to the Ministry of Economy and Finance.

In a statement from the Ministry of Economy and Finance (MEF), it was announced that the AfDB’s Board of Directors approved this budgetary support on September 20, 2024. This financial assistance aims to bolster the country’s development financing. The AfDB is also actively involved in several key projects across Madagascar, focusing on energy, infrastructure, environmental initiatives, and various other programs.

The MEF noted that this 67 million USD represents the first tranche of a total funding package of 100 million USD, which is set to be disbursed in 2025. In August, Minister of Economy and Finance Rindra Hasimbelo Rabarinirinarison explained that this financial support is contingent upon meeting several preconditions. One critical requirement was the presentation of a recovery plan for Jirama, the national water and electricity company.

At the end of August, the AfDB, which recently celebrated its 60th anniversary, revealed that its active portfolio in Madagascar amounted to hundreds of millions of USD as of May 2024. This portfolio encompasses approximately 20 operations in sectors where the bank is significantly involved throughout the country.