More money to Madagascar... but what is the impact in to the local people?
World Bank approves $240 mln in loans to Madagascar
Wed Jul 13, 2005 8:25 AM GMT
WASHINGTON (Reuters) - The World Bank approved loans totaling nearly $240 million for Madagascar on Tuesday for infrastructure development, HIV/AIDS prevention and economic reforms.
The development lender granted $129.8 million to help the government of the Indian Ocean island build and rehabilitate infrastructure that will spur tourism, manufacturing, farming and mining sectors.
"It provides a platform for hard and soft infrastructure delivery in a coordinated and integrated manner and supports the government's decentralization initiative," said Ivan Rossignol, the bank's team leader for the project.
Madagascar is the world's biggest vanilla producer and Africa's third-largest exporter of textiles to the United States.
With just 6,000 km (3,700 miles) of constructed roads on the island, which is the size of France, the lack of infrastructure is a major impediment to development.
The World Bank also authorized $80 million to help the government push ahead with reforms to tackle corruption, improve public expenditure management and customs, and education.
The lender approved a further $30 million to support projects to curb the spread of HIV/AIDS and other sexually-transmitted infections.
© Reuters 2005. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
Wed Jul 13, 2005 8:25 AM GMT
WASHINGTON (Reuters) - The World Bank approved loans totaling nearly $240 million for Madagascar on Tuesday for infrastructure development, HIV/AIDS prevention and economic reforms.
The development lender granted $129.8 million to help the government of the Indian Ocean island build and rehabilitate infrastructure that will spur tourism, manufacturing, farming and mining sectors.
"It provides a platform for hard and soft infrastructure delivery in a coordinated and integrated manner and supports the government's decentralization initiative," said Ivan Rossignol, the bank's team leader for the project.
Madagascar is the world's biggest vanilla producer and Africa's third-largest exporter of textiles to the United States.
With just 6,000 km (3,700 miles) of constructed roads on the island, which is the size of France, the lack of infrastructure is a major impediment to development.
The World Bank also authorized $80 million to help the government push ahead with reforms to tackle corruption, improve public expenditure management and customs, and education.
The lender approved a further $30 million to support projects to curb the spread of HIV/AIDS and other sexually-transmitted infections.
© Reuters 2005. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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