Sahofika on the agenda of discussions between the Presidency and AfDB

Antananarivo, March 4, 2019 - Sahofika hydropower project was the focus of discussions between His Excellency the President of the Republic of Madagascar and the Vice President of the African Development Bank in charge of energy, climate and green growth. Below a translated extarct of the Presidency press release: "President Andry Rajoelina's audience with Mr. Amadou HOTT, African Development Bank (AfDB) Vice President in charge of Energy, Climate and Green Growth, along with AfDB Resident Representative in Madagascar, Mohamed Abdallah Cherif, turned into a working meeting due to the importance of the projects discussed between the two parties on March 4, 2019. Energy, road infrastructure, the agricultural sector, youth entrepreneurship were all addressed at this meeting. Regarding energy, more specifically the financing of the Sahofika hydropower plant project, this project will provide green energy to more than 95%, which will place Madagascar in the top ten countries relying on renewable energy, and will also reduce JIRAMA's electricity costs to 25% for the benefit of consumers. It is estimated that the first operationalization is planned for 2023, while the project will be finalized in 2024. The construction of a road serving this area with the support of BADEA was also discussed with funding of $15 million. AfDB will provide assistance and support to the Malagasy government on the renegotiation of JIRAMA's electricity supply contracts and on the recovery strategy of this state-owned company, especially in financial engineering (transmission line, cost optimization, sending experts to assist the Malagasy government)"