Ifc Master Cooperation Agreement
The International Finance Corporation (IFC) recently signed a Master Cooperation Agreement (MCA) with the government of Madagascar, aimed at boosting private sector development in the country. This is a significant step towards promoting sustainable economic growth in the region.
The agreement was signed by the IFC`s Regional Director for East and Southern Africa, Jumoke Jagun-Dokunmu, and Madagascar`s Minister of Finance and Budget, Richard Randriamandrato. The MCA covers a range of areas, including support for small and medium-sized enterprises (SMEs), infrastructure development, and financial sector reform.
One of the key objectives of the MCA is to stimulate private sector investment in Madagascar. The country has a wealth of natural resources, including oil, gas, and minerals, but it has struggled to attract international companies due to a range of factors, including political instability and poor infrastructure. The MCA aims to address these issues by providing financial and technical assistance to local businesses, helping them to become more competitive and attractive to foreign investors.
Another important area covered by the MCA is financial sector reform. This is crucial for promoting sustainable economic growth, as a well-functioning financial system is essential for mobilizing savings and allocating resources efficiently. The MCA will support the government of Madagascar in implementing reforms to strengthen the financial sector, including improving regulation and supervision, promoting financial literacy, and expanding access to finance for SMEs.
Overall, the IFC`s Master Cooperation Agreement with Madagascar is a positive step towards promoting sustainable economic growth in the region. By supporting private sector development, infrastructure development, and financial sector reform, the MCA aims to create a more favorable environment for foreign investment, which in turn will help to create jobs and improve living standards for the people of Madagascar.
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