{"id":466104,"date":"2019-05-20T09:50:53","date_gmt":"2019-05-20T09:50:53","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=466104"},"modified":"2019-05-20T09:50:53","modified_gmt":"2019-05-20T09:50:53","slug":"madagascar-president-seeks-afreximbank-support-in-countrys-industrialisation","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2019\/05\/20\/madagascar-president-seeks-afreximbank-support-in-countrys-industrialisation\/","title":{"rendered":"Madagascar President Seeks Afreximbank Support in Country\u2019s Industrialisation"},"content":{"rendered":"
<\/div>

President Andry Rajoelina of Madagascar\u00a0has urged the African Export-Import Bank (Afreximbank) to partner with the government in its effort to make the country the \u201cwindow into a modern Africa\u201d.<\/p>\n

Speaking yesterday in Antananarivo when he received an Afreximbank delegation led by Prof. Benedict Oramah, President of the Bank, President\u00a0Rajoelina\u00a0said that the government had put in place an \u201cInitiative for Emerging Madagascar\u201d which articulates its plans to turn the country into a modern industrial nation.<\/p>\n

That document had been endorsed by key internal and external stakeholders as necessary for the country\u2019s development, he stated. It captured the government\u2019s vision to become a model for the African continent and was a reflection of the wind of change that was blowing across Africa.<\/p>\n

\u201cOur objective is to industrialise Madagascar,\u201d he said, as he identified energy, tourism and hospitality, agriculture, social housing, education, healthcare and infrastructure development as the priority areas where Afreximbank\u2019s support was required.<\/p>\n

President Rajoelina noted that energy costs in Madagascar were among the highest in Africa and said that the government\u2019s objective was to produce energy at affordable costs and to double or triple production capacity from the current 400 megawatts, focusing on renewable sources.<\/p>\n

\u201cOur key objective is to create an enabling environment for the private sector to thrive,\u201d he added.<\/p>\n

Earlier, Prof. Oramah said that assessment missions conducted by Afreximbank in Madagascar had identified transactions valued at about $700 million which the Bank could support with financing.<\/p>\n

He said that the Bank has already held discussions with relevant ministries and, having understood the constraints on the country, had developed ideas on how best to provide needed support. The Bank saw opportunities in the development of industrial parks for export manufacturing, trade lines to banks, tourism, in the development of ports, rails, and renewable energy, and in attracting investors into the country, including by providing guarantees which the government could offer such investors.<\/p>\n

Afreximbank had developed a special programme for small and medium-scale enterprises (SMEs) under which it could work with the central bank to provide refinancing when local banks provided medium-term loans to SMEs, added Prof. Oramah. The Bank could also help to organize an investment promotion conference to which investors from other African countries and from outside Africa could be invited.<\/p>\n

Earlier, the delegation met with Lantosoa Rakotomalala, the Minister of Industry, Trade and Artisanship, to brief her on the Bank\u2019s role and approach to Madagascar, and paid a courtesy call on Hawa Ahmed Youssouf, Special Representative of the Chairperson of the African Union Commission to Madagascar and Comoros.<\/p>\n

The delegation rounded up the visit to Madagascar with a meeting with representatives of the country\u2019s private sector.<\/p>\n

Representatives of El Sewedy Electric, one of Afreximbank\u2019s Intra-African Trade Champions, joined the delegation for the meeting with President Rajoelina. The Intra-African Trade Champions programme supports companies with proven intra-African trade experience and operations and with value chains spanning across countries with\u00a0interventions, which include financing, market access and technical assistance.<\/p>\n

Accompanying President Oramah on the delegation were Rene Awambeng, Global Head of Client Relations; Obi Emekekwue, Global Head of Communications and Events; Ekene Uzor, Special Assistant to the President; Humphrey Nwugo, Regional Chief Operating Officer, Southern Africa; and Gerald Nsomba of the Intra-African Tarde Initiative. They were joined by Kee Chong Li Kwong Wing, Group Chairman of SBM Group of Mauritius, who is also a member of the Board of Directors of Afreximbank.<\/p>\n

\n

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President Andry Rajoelina of Madagascar\u00a0has urged the African Export-Import Bank (Afreximbank) to partner with the government in its effort to make the country the \u201cwindow into a modern Africa\u201d. Speaking yesterday in Antananarivo when he received an Afreximbank delegation led by Prof. Benedict Oramah, President of the Bank, President\u00a0Rajoelina\u00a0said that the government had put in<\/p>\n","protected":false},"author":527180,"featured_media":466105,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12000,12040,12046],"tags":[2360,3949,13057,16093],"class_list":["post-466104","post","type-post","status-publish","format-aside","has-post-thumbnail","category-banks-insurance","category-international-institutions","category-leaders-en","tag-afreximbank","tag-benedict-oramah","tag-madagascar-en","tag-president-andry-rajoelina","post_format-post-format-aside","pmpro-has-access"],"yoast_head":"\nMadagascar President Seeks Afreximbank Support in Country\u2019s Industrialisation - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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