On the sidelines of the IMF and World Bank Annual Meetings held in Bangkok on 15 October 2026, Madagascar and the International Finance Corporation (IFC) formalised the preparation of four strategic investment missions on the island.
Ethiopis Tafara, IFC Vice-President for Africa, met with Malagasy government representatives. A field visit is planned for the first half of 2027. Two government focal points have been designated to track progress on the files.
Four priority sectors
SMEs and capital markets: improving access to finance for Malagasy businesses, where interest rates are deemed prohibitive and products ill-suited to small companies. The Finance Minister explicitly flagged these barriers during discussions.
Agriculture: structuring supply chains with strong export potential, in a country where farming employs most of the working population.
Energy: the memorandum of understanding on the Volobe Amont hydroelectric project is seen as positive, but JIRAMA (the national power company)'s financial viability and payment risk coverage remain to be addressed.
Tourism and transport: the IFC favours an integrated approach combining access, accommodation and financing, particularly around the Tsingy de Bemaraha. The rehabilitation of the Fianarantsoa–Côte Est (FCE) railway is also on the table.
Why it matters
The IFC — the World Bank Group's private-sector arm — entering as a structuring partner sends a strong signal to international co-investors. Madagascar has considerable natural resources and underexploited tourism potential, but suffers from a chronic shortage of private finance. These missions could unlock projects stalled for years.
Source: Midi Madagasikara, World Bank/IFC — October 2026.