On the sidelines of the IMF and World Bank Annual Meetings in Bangkok, Madagascar's Economy Minister met with JICA on 16 October 2026. The agenda: additional financing for the Toamasina port expansion, the Antananarivo-Toamasina corridor, and a lending mechanism for Malagasy SMEs.
Bangkok, a Diplomatic Crossroads for Antananarivo
The Malagasy delegation, led by Minister of Economy and Finance Herinjatovo Aimé Ramiarison, held a working session with Shunei Shinohara, Deputy Director-General for Africa at JICA (Japan International Cooperation Agency). This bilateral meeting took place on 16 October 2026, on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund in the Thai capital.
Toamasina Port: Signature Expected in November
At the centre of discussions: additional financing for the expansion of Toamasina port, Madagascar's primary port infrastructure. JICA has completed its assessment mission for this supplementary financing. Both parties indicated a signature is expected next November — a decisive step toward modernising the port and strengthening the country's export capacity.
Toamasina port is the strategic node through which most of Madagascar's foreign trade flows, including exports of minerals, vanilla and agricultural products.
Antananarivo-Toamasina Corridor: A Project Under Review
A development project for the corridor between capital Antananarivo and Toamasina — the vital economic axis crossing the heart of the island — is also under study. This corridor links the capital to its maritime gateway, and its improvement directly conditions the country's logistical competitiveness against regional neighbours.
SME Loans to Energise the Local Economy
A third pillar of cooperation: JICA and Malagasy authorities discussed a « two-step loan » mechanism for small and medium-sized enterprises. This facility would mobilise local partner banks, supported by the National Fund for Industrial Development (FNDI). The Treasury General Directorate will be involved in technical discussions. A JICA mission to Antananarivo is announced in coming weeks to deepen these initiatives.
Why It Matters
These three workstreams — port, corridor, SMEs — form a coherent triptych: improving export infrastructure, opening up production zones, and financing local economic actors. The imminent signing of Toamasina financing would signal Japan's confidence in Madagascar's economic trajectory, just weeks before year-end.
Sources: Midi Madagasikara / AllAfrica, 20 October 2026.