WASHINGTON, June 27, 2017 – Today, the Board of Executive Directors endorsed a new World Bank Group (WBG) Country Partnership Framework in support of Madagascar’s efforts to increase the resilience of the most vulnerable people, promote inclusive growth, and mobilize significant private investment for development, while strengthening national and local institutions so as to reduce fragility. This strategy covers the 2017-2021 period.
At the Donors and Investors Conference in December 2016, the WBG had announced a commitment of $1.3 billion for the next three years. The Country Partnership Framework, which was developed in consultation with the Government and other stakeholders, spells out the priority areas that these funds will support. It aims first and foremost to increase the resilience of the people by building up their human capital from the youngest age, improving livelihood through more productive agriculture and fishery and better resource management. It seeks to reduce the fragility of the country by supporting the authorities’ efforts towards a more effective decentralization and greater accountability. Finally, it promotes inclusive growth by helping the authorities raise more internal resources, and leveraging private investment to support the development of productive value chains, and investing in the expansion of energy access.
“With continued political and economic stability, Madagascar has the unique opportunity of breaking with past trends and enabling its people realize their potential. The World Bank Group is committed to working with the authorities and contribute its resources and expertise to our common objective of reducing poverty and promoting inclusive growth,” said Coralie Gevers, World Bank Country Manager in Madagascar.
Despite vast assets, Madagascar has fallen behind on many development dimensions: close to 80 percent of the population live on less than $1.90/day, it has the 4th highest chronic malnutrition rate and the 5th highest number of children not in school, and one of the lowest energy access rate at 13 percent. The Country Partnership Framework, which is aligned with the National Development Plan, aims to help the country achieve some ambitious goals such as reducing the chronic malnutrition rate and doubling the access rate to energy by focusing its own domestic resources, by using effectively aid resources, and by enabling private investments.
“International Finance Corporation (IFC) is committed to mobilizing significantly more investment in Madagascar to help private investors play a defining role in the development agenda. IFC aims to increase the scale of our investment and advisory services in Madagascar’s critical sectors, and leverage the new International Development Association Private Sector Window to de-risk private sector investments that can create markets, strengthen supply chains, and create jobs,” said Satyam Ramnauth, Madagascar Country Manager for IFC, a World Bank Group institution focused on private sector development.