Madagascar is the first country to benefit from a climate loan

Friday 21 June 2024, the World Bank and the International Monetary Fund announced to grant a loan of 321 million dollars for Madagascar over three years to “stimulate actions in favor of the climate”.

Madagascar is the first country to benefit from such a mechanism

This loan granted under the “ facility for resilience and sustainability » is classic budget support aimed at “stimulate actions in favor of the climate” and support Madagascar’s resilience in the face of climate change, which exacerbates poverty on the island. For disbursements, every six months, will be conditional on the adoption of reforms to combat climate change and promote green investments. This loan of 321 million dollars is granted over three years.

Attraction for investors

The Minister of the Environment, Max Fontaine, welcomed a “real bargain”. According to him, this announcement pushes the Malagasy State to undertake reforms that will have a macroeconomic impact as well as a more sustainable impact while promoting climate resilience. Reforming it will be able to attract much more investment in Madagascar to finance these adaptation efforts..

A climate preservation plan for Madagascar

Another important reform concerns the creation of the National Sustainable Energy Fund, intended to finance off-grid electrification and mini-grids. This while encouraging the private sector to invest. The plan also calls for the removal of fuel subsidies by May 2026 and the harmonization of taxes on diesel and gasoline. These measures aim to encourage more sustainable practices and reduce dependence on fossil fuels..

This loan is conditional on the government's involvement in preserving the environment.. And this is enough to give hope to a population already badly affected by the effects of climate change.. Today, Madagascar remains with six other countries, one of the few to sequester more carbon than it emits.

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