Madagascar - Banking - Strengthening the industrial and financial sectors with the support of the AfDB

The AfDB approved, at the end of October 8, 2020, the Industrialization and Financial Sector Support Project (PAISF) for a loan of approximately 14.52 million euros through the African Development Fund.

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Industrialization is a driver of sustainable development and a key strategic option. The Covid-19 crisis has demonstrated the importance of an industrial strategy to ensure food security for populations. The project will notably support the post-COVID recovery plan developed by the Malagasy authorities.

The PAISF also emphasizes the role of the financial sector, access to which must be facilitated for small and medium-sized enterprises to promote their integration into industrial value chains.

The project aims to transform Madagascar's industrial sector into the main driver of growth and the creation of decent jobs, opening up opportunities for the most vulnerable, particularly women and young graduates.

The PAISF is expected to foster conditions for private investment in Madagascar's manufacturing sector, particularly in sectors such as textiles and agri-food. The project could help accelerate the development of "industrial emergence zones" (ZEI), which will help develop value chains in preparation for the Continental Free Trade Area and attract international investors.

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Modeled on the "one district, one factory" model for inclusive industrial development adopted in Ghana, the PAISF will support regional industrialization. The project will facilitate the creation of a sustainable, long-term public-private partnership (PPP) fund to better incentivize private sector involvement in infrastructure development. Finally, the National Industrial Development Fund (FNDI) will provide financial assistance to Malagasy SMEs while supporting their integration into the industrial value chain.

The Malagasy government will be the primary beneficiary of the PAISF by strengthening the institutional capacities of structures responsible for industrial development and private investment promotion, including those responsible for PPPs. The project will also benefit SMEs, which will benefit from a more investment-friendly institutional framework and improved access to financing. It will also benefit women and young entrepreneurs supported by the FNDI. The PAISF will benefit the entire Malagasy population through the positive effects of industrial development and job creation.

This project complements other ongoing AfDB operations, including the Corridor Development and Trade Facilitation Project and the Agro-Industrial Processing Zone Development Project in the Southwest Region of Madagascar (PTASO).

The PAISF is aligned with the country strategy (CSP 2017-2021), in particular with its pillar 2 (Support for the transformation of agriculture and the development of industry) as well as with the Bank's priority "Industrialize Africa" (2016-2025) and its long-term strategy (2013-2022).