<p>Africa Finance Corporation, AFC, the leading infrastructure solutions provider in Africa, has announced that the Republic of Madagascar has become the 22nd member state of the Corporation. The announcement is contained in a press statement by African Media Agency, AMA, made available to OpenLife.</p>



<p>The
statement further stated that the Republic
of Madagascar has sustained positive economic growth over the last five years,
with GDP growth outperforming several other economies within the region, driven
by the implementation of its new economic and social development strategy. This
sustained growth has been led predominantly by the tertiary sector, with the
performance of the export industry leading to a trade surplus of +0.8 per cent
of GDP, well above the African average of -12.97 per cent deficit.</p>



<p>Madagascar&#8217;s strategy,
spearheaded by the National Development Plan, focuses on developing inclusive
growth and sustainable development especially within rural communities where
much of the population lives below the poverty line. The Country&#8217;s economic and
social development strategy places a focus on the development and
rehabilitation of key regional infrastructure, with emphasis on transport, logistics
and power, as it aims to achieve its goal of sustainable development.</p>



<p>Following the completion of
Madagascar&#8217;s accession to the membership of AFC, on the 27th August 2019, the
Corporation will begin discussions with the private and public authorities to
determine how best AFC can support its future growth and development of the
Madagascan economy.</p>



<p>Samaila Zubairu, President
&; CEO of AFC, commented on the announcement: &#8220;It is my pleasure to
welcome Madagascar as the 22<sup>nd</sup> ;Member State of AFC. Over the
past decade Madagascar has undergone reforms demonstrative of its commitment
towards sustainable growth through key developments within its tertiary sector.</p>



<p>&#8220;The country&#8217;s exciting
potential for growth provides a wealth of opportunities for AFC. As Madagascar
seeks to rehabilitate key regional infrastructure, we will look to help build
an economic ecosystem that will provide integration and growth. We look forward
to working with the people of Madagascar to assist in ensuring a strong future
for the country.&#8221;</p>



<p>Richard Randriamandrato,
Madagascan Minister of Economy and Finance, also commented on the announcement:
&#8220;As a Country we are committed to the reduction of poverty in Madagascar,
of which development of infrastructure plays an integral role. We see AFC as a
key solution provider towards our development goals and look forward to working
closely in the coming years.&#8221;</p>

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