Madagascar Seeks $17 Billion Developmental funds

Madagascar, the world’s biggest producer of vanilla, is seeking about $17 billion in aid and investment to help finance improvements in its power, mining and tourism industries, and other projects.

The country expects to ask development partners and investors for the funds to help finance its “Plan Emergence Madagascar.

The programme calls for upgrading power supply, boosting tourism, managing mining resources more effectively and equitably distributing wealth.

The country’s treasury also plans to tap international markets for funds and has sought another programme from the International Monetary Fund.

Madagascar also has capacity to borrow more than $2 billion in comparison to its current ceiling of $900 million.

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