Madagascar Seeks Afreximbank’s Support

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President Andry Rajoelina of Madagascar has urged the African Export-Import Bank (Afreximbank) to partner with the government in its effort to make the country the “window into a modern Africa”.

Speaking in Antananarivo recently, when he received an Afreximbank delegation led by Prof. Benedict Oramah, President of the Bank, Rajoelina said the government had put in place an “Initiative for Emerging Madagascar” which articulates its plans to turn the country into a modern industrial nation. That document had been endorsed by key internal and external stakeholders as necessary for the country’s development, he stated. It captured the government’s vision to become a model for the African continent and was a reflection of the wind of change that was blowing across Africa.

“Our objective is to industrialise Madagascar,” he said, as he identified energy, tourism and hospitality, agriculture, social housing, education, healthcare and infrastructure development as the priority areas where Afreximbank’s support was required. Rajoelina noted that energy costs in Madagascar were among the highest in Africa and said that the government’s objective was to produce energy at affordable costs and to double or triple production capacity from the current 400 megawatts, focusing on renewable sources.

“Our key objective is to create an enabling environment for the private sector to thrive,” he added.

Earlier, Oramah said assessment missions conducted by Afreximbank in Madagascar had identified transactions valued at about $700 million which the Bank could support with financing.