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Business


ADB GRANTS US$165 MILLION LOAN TO FACILITATE MADAGASCAR TRADE

2024-12-132024-12-13By Staff Reporter

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The Board of Directors of the African Development Bank Group has approved a
US$165 million (about N$2.9 billion) loan to Madagascar to develop critical
trade corridors and improve regional connectivity. 

The funding, granted on 11 December 2024 in Abidjan, will support the third
phase of a major infrastructure project to improve trade corridors across the
country.

Funding will be sourced from the African Development Fund, the group’s
concessional lending arm. The project aims to contribute to economic and social
integration in the southern part of Madagascar by opening up every part of the
region. It will achieve this by building and operationalising transport
corridors to the rest of the country and Africa as a whole while strengthening
trade facilitation procedures and processes between the ports of Tuléar and
Beira in Mozambique.

“In the long-term, the project will support a significant increase in national
and intra-regional commercial trade, helping to promote investments,” commented
Adam Amoumoun, head of the African Development Bank’s Country Office in
Madagascar. At the same time, the project will create new economic opportunities
for local people by improving trade in agricultural products, livestock, and
fish. It will contribute to economic growth and poverty reduction in the region
by improving access to markets.”

Solomon Quaynor, the bank group’s vice president for private sector,
infrastructure and industrialisation, stressed the transformative impact of the
project in the future of southern Madagascar, stating; “By improving vital road
infrastructure, we are not just building pathways but unlocking lifelines to
economic opportunity and social progress. These roads will directly connect
rural communities to markets, healthcare, and education while indirectly
sparking entrepreneurship, boosting trade, and empowering women and youth with
sustainable employment.”

The project is aimed at improving key road infrastructure across two southern
regions of Madagascar – Atsimo Andrefana and Menabe. This includes upgrading a
78-kilometre stretch of road between Bevoay and Morombe, which passes through
important agricultural areas that produce 29 000 tonnes of crops annually.

A significant part of the project involves reconstructing the Manombo bridge and
creating two new two-lane bridges spanning 460 metres to enhance road
connectivity. These improvements will create smoother transportation routes, and
strengthen Madagascar’s national economic development.

Beyond physical infrastructure, the project is designed to benefit multiple
stakeholders. It will support customs operations, port activities, trade
businesses, local consumers and the broader economic ecosystem, including
research and technology sectors. 

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