Madagascar signs a US$ 53 million financing agreement with IFAD

“Madagascar signs a US$ 53 million financing agreement with IFAD to boost food and nutritional security and strengthen resilience to climate change in rural areas.

A new financial agreement, signed today between the International Fund for Agricultural Development (IFAD) and Madagascar, will sustainably improve incomes and food and nutrition security for 320,000 Malagasy rural households in eight regions located in the southern part of the country.

The agreement for the Inclusive Agricultural Value Chains Development Programme (DEFIS) was signed in Rome by Gilbert F. Houngbo, President of IFAD, and Harison Edmond Randriarimanana, Minister for Agriculture and Livestock of Madagascar.

The total cost of the programme is US$250 million, including a $26.5 million loan and $26.5 million grant from IFAD. The programme will be cofinanced by the Government of Madagascar ($33.7 million), the African Development Bank ($50 million), the OPEC Fund for International Development ($20 million), the Green Climate Fund ($15 million) and by the beneficiaries themselves ($14.3 million). A financing gap of $64 million could be covered by subsequent IFAD resource allocation processes or by other financial partners to be determined during the implementation of DEFIS. The programme will be implemented over a period of 10 years in order to provide stable and predictable financing to producers.”

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Article Source: www.ifad.org

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