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European Investment Bank to fund Madagascar's infrastructures

Xinhua, May 20, 2015 Adjust font size:

European Investment Bank (EIB) promised 300 million euros to Madagascar for infrastructures, the European Union (EU) representative to Madagascar Benedito Sanchez said on Tuesday.

The amount will be for roads rehabilitation, improvement of energy, electricity and water supply, as well as for funding emergency projects such as cyclone damage, Benedito Sanchez said just after the visit of EIB six-member delegation to Madagascar's president Hery Rajaonarimampianina on Tuesday.

The head of delegation Philippe Brown said that EIB will send soon experts to Madagascar to inspect road infrastructure in the country.

EIB experts will discuss with the Malagasy road authority about a 50-million Euros road project which will be presented to EIB board with the French Agency for Development (AFD) by the end of 2015.

Experts will be sent here to resume underway project of JIRAMA, the owned-state company producer and provider of electricity and water in Madagascar, Phillipe Brown said.

EIB is a European Union financial institution, mobilizing complementary and not reimbursable fund under the European Development Fund.

EIB will work with the priorities identified by the Malagasy government. Endi