Madagascar: Conference brings promise of funds for power development

The Donors and Investors Conference for Madagascar held in Paris in December brought promises of investment worth $6.4bn to support the National Development Plan, which runs from 2015 to 2019, nearly $1bn more than the country was seeking. The World Bank Group promised $1bn in grants and concessional loans as well as $330m from the International Finance Corporation (IFC). The African Development Bank and European Union are also significant donors, with the EU funding transmission lines and substations. The IFC is targeting investments in “agribusiness, infrastructure, especially renewable energy and transport, and finance”, said IFC regional director Oumar Seydi.