Europe is investing heavily in transport and clean energy

In recent months, the European Investment Bank, the financial arm of the European Union, has facilitated transformative investments in the energy and transport sectors in Madagascar, with nearly EUR 42 million disbursed in support of four infrastructure projects.

After the visit of Ambroise Fayolle, Vice-President of the EIB, to Antananarivo in January 2020, the already advanced construction of the Rocade project benefited from the first disbursement, to the tune of EUR 11.8 million, made under the loan from the EIB by EUR 28 million.

This project is part of the “Grand Antananarivo” program, designed to reduce chronic traffic problems in the capital, and concerns two missing sections of the northeast and east bypass of Antananarivo.

In July, the EIB disbursed the second tranche of EUR 11.4 million of a loan of EUR 30 million to support the expansion project of the Jirama hydropower plant in Andekaleka and to increase production from ‘clean energy in the country.`

A new loan of EUR 81.3 million has been approved by the EIB to finance the electricity interconnection between Antananarivo and Toamasina (PRIRTEM-1). The Bank will co-finance the construction of a 220 kV overhead transmission line, 270 km long, as well as associated substations that will link the currently isolated power grids of the capital and the main seaport of Tamatave. It thus supports the integration of the large hydroelectric power stations under construction into the two networks.

The European Investment Bank is the world’s leading international public bank. Since 1970, it has lent EUR 825 million in support of long-term investments in Madagascar.

Source : Bacoco Saïd