The African Development Bank’s (AfDB) midterm review of its Country Strategy Paper (CSP) 2022-2026 for Madagascar marks substantial strides in supporting the nation’s agricultural and infrastructure development. The review confirms success in two key areas of focus: helping agricultural transformation aimed at restoring food security promoting employment and building infrastructure to facilitate inclusive growth.
Specifically, the positive assessment stems from the bank’s interventions that have significantly refurbished Madagascar’s public financial management, the introduction of effectual social safety nets, and enhancing the country’s transportation infrastructure.
Significantly, the Bank is currently operating 11 schemes in the island nation, collectively valued at an approximate $495 million. These projects are estimated to provide a direct, positive impact on more than 3 million citizens and are forecast to generate about 15,000 jobs.
The AfDB plays a crucial role in driving sustainable economic growth and reducing poverty in Africa. This achievement in Madagascar, also termed the ‘green island’, exemplifies the organization’s commitment to its mandate.
The AfDB’s midterm review aims to assess the bank’s performance in implementing its priority programs. This review provides vital input in designing and strategizing the bank’s future direction and support for its member countries.
Moving forward, the Bank, in collaboration with the Malagasy government, intends to shift focus towards strengthening governance, human capital, and nurturing private sector development. This approach is forecasted to herald a new era of progress and prosperity for Madagascar, one of the poorest countries globally yet renowned for its rich biodiversity.
The CSP for Madagascar was crafted considering the unique challenges and opportunities the country presents. The strategy’s successful implementation signals a positive trend of growth, development, and transformation for the island nation, marking a significant stride in the achievement of the AfDB’s objectives.
