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

At the end of October 8, 2020, the AfDB approved 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 the population. 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, whose access 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, including women and young graduates.

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

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Modeled on the «one district, one factory» approach to 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 state will be the primary beneficiary of the PAISF project through the strengthening of institutional capacities within structures responsible for industrial development and the promotion of private investment, including those managing public-private partnerships (PPPs). The project will also benefit SMEs, which will enjoy a more favorable institutional framework for investment and improved access to financing. It will also benefit women and young entrepreneurs supported by the National Fund for Industrial Development (FNDI). The PAISF project will ultimately 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 Transformation Zone Development Project in the South-West Region of Madagascar (PTASO).

The PAISF is aligned with the country strategy (DSP 2017-2021), particularly its pillar 2 (Support for agricultural transformation and industrial development) as well as with the Bank's priority "Industrialize Africa" (2016-2025) and its long-term strategy (2013-2022).