Investment in key areas of the Malagasy economic development

The African Development Bank (AfDB) is reinforcing its commitment to the sustainable development of Madagascar through financial inclusion initiatives and energy projects.

Energy Projects in Favor of the Great Island

Adesina Akinwumi, President of the African Development Bank (AfDB), affirmed the institution’s commitment to support Madagascar in the realization of various projects beneficial for development. These initiatives exclusively encompass agriculture, energy, and environmental protection. During a bilateral meeting, the Malagasy government and the presidency of the development bank discussed the energy transition projects of the Great Island.

Both parties explored Madagascar’s potential in hydroelectric energy, capable of generating up to 7,800 MW. This includes connecting the country to Mozambique as well as the hydroelectric projects of Sahofika and Volobe. Concerning the Sahofika project, the Malagasy government aims to define its implementation modalities very soon to accelerate its development.

AFAWA Initiative Makes Its Way to Madagascar

The AfDB commits to supporting the integration of women and youth as catalysts for Malagasy economic growth. Adesina Akinwumi stated that the bank is implementing the « Affirmative Finance Action for Women in Africa (AFAWA) » in Madagascar. This initiative aims to promote financial inclusion for women entrepreneurs. The project represents a total amount of 5 billion USD to be allocated to small and medium-sized enterprises (SMEs) led by women by 2026.

Furthermore, the bilateral meeting on December 16, 2023, presents a suitable opportunity for the President of the AfDB to invite the head of state of Madagascar to participate in the upcoming Africa Investment Forum (AIF). This platform will serve as an exchange platform for discussing the various possibilities of implementing the aforementioned projects.