In a June 17 statement, the government of Madagascar announced the soon launching of an economic stimulus package targeting more than 980,000 small businesses.
This a financial plan of nearly 280 billion ariary ($73 million) consisting mainly of loans targeting small farmers and agricultural distributors, as well as businesses in the tourism, trade, handicrafts and manufacturing sectors. The loans that will be granted through three different mechanisms will have interest rates below 10% with repayment periods of 6 to 24 months.
Madagascar has 1,378 confirmed cases on its territory and the new strategy is expected to alleviate the burden stemming from the pandemic on the private sector, which has been particularly hard hit.
The new plan will rely mainly on microfinance institutions that finance businesses at lower costs than commercial banks, whose interest rates are currently estimated at between 20 and 40%.
Moutiou Adjibi Nourou
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...