APA – Antananarivo (Madagascar) – The African Development Bank (AfDB) launched the 2023 edition of the African Economic Outlook Country Report in Antananarivo on Thursday.
Under the theme “mobilising private sector financing for climate and green growth,” the 2023 edition of the Economic Outlook for Madagascar was inaugurated on Thursday 28 September by Adam Amoumoun, ADB representative in the Big Island. A press release received by APA on Tuesday states that the document proposes “policy recommendations to inform national policies and fuel dialogue with development partners on climate resilience and financing for climate action and green growth.”
More than fifty people, including representatives of public administrations and the private sector, civil society and development partners, took part in the discussions, which were “rich and constructive.”
While the ADB Group’s active portfolio in Madagascar comprised 23 operations, totalling $646 million, as at 31 August 2023, the Director General of the Economy and Planning, Olivier Ramiandrisoa, who represented the Madagascan Ministry of the Economy and Finance, emphasised the growing impact of climate change on the local economy. He also stressed that this report was a document that could serve as a reference for the various stakeholders in developing strategies to combat the effects of climate change in his country.
Kevin Chika Urama, the AfDB’s Chief Economist and Vice President in charge of Economic Governance and Knowledge Management, stressed the “importance of reports” in helping African countries to better prepare for the United Nations Climate Change Conference (COP 28), to be held from 30 November to 12 December in Dubai, United Arab Emirates.
For his part, the head of the pan-African bank in the island nation pointed out that the African Economic Outlook (AEO) is a flagship report produced each year by the institution he represents. In addition to the main report, it publishes annual Regional Economic Outlook reports and country reports.
“Within the framework of the 2022-2026 Country Strategy Paper (for Madagascar), the objective of which is to support the acceleration of the structural transformation of its economy towards green growth and to create green jobs, the African Development Bank will continue to support the country in strengthening its climate resilience and in mobilising more climate financing,” Mr. Amoumoun emphasised.
ODL/te/fss/as/APA