Madagascar Airlines financed by the PIC project

The Integrated Growth Pole (or PIC) of the World Bank intends to finance the recovery plan of Madagascar Airlines.

To put back Madagascar Airlines on the international radar screen

The Malagasy government intended to provide a substantial fund from the government. But the World Bank will be associated as a guarantee sponsor. She is ready to repay it in the form of project financing. In the first negotiations, 20 $ million were announced by the Malagasy side. Which would not be enough to erase the astronomical financial slates of Madagascar Airlines. At least, that would be a good sign on the horizon.

But a clearance area was found. The national coordinator of the Integrated Growth Pole, Ladislas Adrien Rakotondrazaka, had a meeting with the leaders of Madagascar Airlines. One of the concerns of this meeting was the need to reintegrate Madagascar Airlines into the fold of the International Air Transport Association or IATA. The objective being to benefit from the financial compensation system in airline ticket sales transactions..

And the IMF Extended Credit Facility program ?

For Madagascar Airlines, the realization of its business plan remains in the sights of the International Monetary Fund, IMF, for the conclusion of the Extended Credit Facility program, FEC. And with a view to Madagascar possibly obtaining the Sustainability and Resilience Fund, FDR, the new variant of IMF credit lines.

For the moment, Madagascar Airlines, via sa branch Tsaradia, tries to cover up thefts from the home network. With three ATR. Too little to cover the connections of international flights which multiply at the drop of a hat.

A breath of oxygen

Through the economic transformation project for inclusive growth PIC 3, the joint initiative of the Malagasy government and the World Bank in supporting Madagascar Airlines could be done well.

The integrated growth pole project is optimistic. “We are optimistic about the positive results of these joint efforts and we are committed to actively contributing to the recovery and prosperity of Madagascar Airlines for the benefit of the development of tourism in Madagascar » announces Mr Ladislas Adrien, national coordinator of the PIC Project.

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