MG - Second Inclusive and Resilient Growth DPO (WB-P166425)

  • 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
Aug 30, 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.
Government of Madagascar
The holder of the loan, grant, or other investment.
  • Law and Government
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 60.00 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)
$ 40.00 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 21, 2019

Disclosed by Bank Apr 2, 2018

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Project Description

The objective of this programmatic operation is to tackle the micro-foundations of inclusive and resilient growth by:

  1. strengthening the resilience of individuals against shocks and
  2. creating an enabling environment for economic opportunities in rural communities.

The proposed operation is the second in a series of two programmatic operations aimed at supporting the Government in its objective of promoting growth and reducing poverty. The operation supports reforms related to civil registration, social protection and the financial sector to build the foundations for resilience at the individual
and household level. The operation also supports reforms on land, local government transfers, road maintenance and energy to increase the ability of rural communities to be included and benefit from Madagascar’s recent positive macro-economic developments.

  1. The first pillar seeks to build the foundations for resilience at the individual and household level. Repeated shocks – ranging from frequent climatic shocks, including hurricanes, droughts and floods, to macroeconomic and health shocks – have tested the resilience of Madagascar’s poor in the past five decades leading to a reversal of the little progress that had been made in terms of poverty reduction. Limited access to social safety nets and financial services made it difficult for individuals to get through these crises and to rebuild livelihoods after shocks.
  2. The second pillar focuses on enabling rural inclusion, by supporting economic opportunities in local communities. Close to 80 percent of Madagascar’s population live in rural areas, and rural poverty rates are nearly twice as high as in urban areas. Limited access to infrastructure services and low returns on their assets – which are land, education and health – are holding the rural poor back.
Investment Description
  • World Bank (WB)
Contact Information

World Bank:
Francesco Strobbe, Faniry Nantenaina Razafimanantsoa Harivelo
Senior Financial Sector Economist

Ministry of Finance and Budget
Falihery Rajaobelina
Secretary General

Implementing Agency:
Central Bank of Madagascar
Alain Rasolofondraibe


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