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Antananarivo - The World Bank says it will give Madagascar $400m in financial support over the next three years, after the Washington-based lender recently restored ties with the Indian Ocean island following a peaceful election late last year.
The World Bank said in March that it was resuming normal relations with the country after it suspended budgetary support during a five-year political crisis triggered by a 2009 coup. [ID:nL6N0MC099]
Nutrition
Other donors have also moved to restore ties following the smooth election of President Hery Rajaonarimampianina in December. [ID:nL6N0MC099]
Makhtar Diop, World Bank vice president for Africa, said the bank was ready to unlock funding after being reassured by Rajaonarimampianina that the new government was committed to taking steps to improve "economic governance.
"These improvements will allow us to direct our budgetary and financial support in three different areas: nutrition, social protection and infrastructure," said Diop.
He said: "(The funding cycle) begins on 1 July and will make $400m available to Madagascar over three years."
External financing made up 40% of Madagascar's budget until donors withdrew aid after rebel troops in March 2009 stormed the presidential palace and former disc jockey Andry Rajoelina seized power.
Crisis
The World Bank forecasts that the island's economy will expand 3.7% this year and 4% in 2015, below earlier projections and insufficient, it said, to significantly alleviate poverty levels that deepened during the crisis.
Madagascar, famed for its wildlife and eyed by foreign companies for its minerals, has struggled to lure back tourists and court oil and mining giants since the coup. The economy has since slumped and poverty deepened.
The World Bank said in March that it was resuming normal relations with the country after it suspended budgetary support during a five-year political crisis triggered by a 2009 coup. [ID:nL6N0MC099]
Nutrition
Other donors have also moved to restore ties following the smooth election of President Hery Rajaonarimampianina in December. [ID:nL6N0MC099]
Makhtar Diop, World Bank vice president for Africa, said the bank was ready to unlock funding after being reassured by Rajaonarimampianina that the new government was committed to taking steps to improve "economic governance.
"These improvements will allow us to direct our budgetary and financial support in three different areas: nutrition, social protection and infrastructure," said Diop.
He said: "(The funding cycle) begins on 1 July and will make $400m available to Madagascar over three years."
External financing made up 40% of Madagascar's budget until donors withdrew aid after rebel troops in March 2009 stormed the presidential palace and former disc jockey Andry Rajoelina seized power.
Crisis
The World Bank forecasts that the island's economy will expand 3.7% this year and 4% in 2015, below earlier projections and insufficient, it said, to significantly alleviate poverty levels that deepened during the crisis.
Madagascar, famed for its wildlife and eyed by foreign companies for its minerals, has struggled to lure back tourists and court oil and mining giants since the coup. The economy has since slumped and poverty deepened.
