A press release from the Malagasy Ministry of Economy and Finance announced on Tuesday the signing of two financing agreements between Madagascar and the African Development Bank (AfDB).
The first agreement is an additional financing agreement for the African Disaster Risk Financing Programme (ADRiFi), and this financing is aimed at strengthening Madagascar’s resilience and response to climate shocks and improving natural disaster risk management and adaptation to climate change, the ministry said.
It said the funding consists of a US$4.7 million grant from the AfDB, a US$7.11 million loan, and a US$5.87 million donation from the African Transition Facility (ATF).
Similarly, the Malagasy government is also expected to contribute US$1.55 million to this funding, to provide food aid and rehabilitate classrooms.
The second agreement for $3.49 million is an advance to prepare the water resources development project for climate change resilience.