Madagascar Financial Inclusion Project (WB-P161491)

  • Madagascar
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 28, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Ministere des Finances et du Budget
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Mar 5, 2018

Disclosed by Bank Aug 30, 2017

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Project Description

The development objective of Financial Inclusion Project is to promote the financial inclusion of individuals and Micro, Small and Medium-sized Enterprises (MSMEs) in Madagascar. This project has four components. 1) The first component, Digitalization of transactions to increase usage of transaction accounts, supports the usage of transaction accounts, digital finance and cashless transactions. It has the following subcomponents. (i) Digitalization of Government Payments; (ii) Digitalization of MFIs; and (iii) Enabling environment for increased use of transaction accounts. 2) The second component, Access to Credit for MSMEs, supports access to credit for MSMEs. It has the following subcomponents. (i) Strengthening credit supply; and (ii) Enabling environment for access to credit for MSMEs. 3) The third component, Project Management and Impact Evaluation, aims to establish a dedicated Project Implementation Unit (PIU) composed of members that can work full time on the project’s implementation. 4) The fourth component, Contingent Emergency Response Component, would draw from the uncommitted credit resources under the project from other project components to cover emergency response.

Investment Description

Contact Information
Banque Centrale de Madagascar
Alain Rasolofondraibe


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