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World Bank : 490 USD million for post-Covid recovery

World Bank : 490 USD million for post-Covid recovery

World Bank : 490 USD million for post-Covid recovery

World Bank : 490 USD million for post-Covid recovery. Four financing agreements for the realization of four large-scale projects initiated by the Malagasy government.

According to information published by Midi Madagascar, the signing of the release of this funding took place yesterday at the State Palace of Iavoloha.

Support from 490 $ million

"We are delighted with the excellent quality of our partnership with Madagascar, especially since it brings palpable results that affect the 26 millions of Malagasy ». This is the statement of the Representative of the World Bank in Madagascar, Marie-Chantal Uwanyiligira.

A way for her to affirm that the cooperation between the Big Island and the Bretton Woods Institution is in good shape. The signing comes just days after President Andry Rajoelina met with World Bank Managing Director, Axel Van Trotsenburg which took place in Abidjan, on the margins of the IDA-20 Summit.

The four agreements signed yesterday between Economy and Finance Minister Richard Randriamandrato and World Bank Representative Marie-Chantal Uwanyiligira concern financial support totalling 490 $ million. It is part of the World Bank's overall commitment of $1.1 billion., for the fiscal year 2021 (from 1 July 2020 to the 30 June 2021). According to Marie-Chantal Uwanyiligira, the release of this funding was approved last June by the Board of Directors of the World Bank.

Four projects

This budget of 490 $ millions will be used to finance four structuring projects, whose :

  • 100 millions of dollars for vaccine acquisition against Covid-19 and the strengthening of the health system ;
  • 150 millions of dollars to fund an economic transformation project for inclusive growth to support the post-Covid recovery of small and medium-sized enterprises, as well as entrepreneurs in the fields of Tourism, theagribusiness and the digital at the level of the Diana regions, Anosy, Atsimo Andrefana, Analamanga and Saint Mary ;
  • 200 millions of dollars for rehabilitation, maintenance and improvement of the road network in Madagascar ;
  • and finally 40 USD million in additional funding to support innovative sustainable agriculture projects. In his speech, President Andry Rajoelina announced that part of this funding will be used to strengthen the fight against the "kere" in the South of Madagascar. But he also talked about the periodic maintenance of 1 200 km of roads. The Head of State notably cited the RN2, RN7, RN4, RN34, RNT3A, RN5A, RN30, RN30A, RN57, RN12, RN45 and THE RN25. According to him, 20% of the road network will benefit from a repair.

Guaranteeing sustained and sustainable growth

The President of the Republic also took the opportunity to draw everyone's attention to the importance of political stability which will, According to his account, « ... is the guarantor of sustained and sustainable growth".

Priorities

His side, Marie-Chantal Uwanyiligira said the World Bank supports Madagascar in its priorities. Facing the impacts of the health crisis, the World Bank supports actions that have a direct impact on the socio-economic life of the population. Medium- and long-term actions.

Regarding the Covid-19 vaccine, World Bank to strengthen access to vaccines for the African continent. Currently, the vaccination rate is only 1% in Africa. An inconceivable statistic, according to the Representative of the World Bank. The goal is to vaccinate 40% of the African population at the end of this year and 60% by mid-2022.

As for Madagascar, the objective set is to 50,5% of adults vaccinated in 2022. It also suggested that the rehabilitation work on the RN44 will be completed within the allotted time..

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