Ministry of Economy and Finance of Madagascar
Central electronic guarantee register
Our cooperation with the Ministry of Economy and Finance
The Ministry of Economy and Finance of Madagascar is interested in enabling investors, especially SMEs, to apply for secured loans to drive economic development in the country.
The project, set up for the Ministry of Justice of Madagascar, is financially supported by the
IFC, part of the World Bank Group, to promote economic growth in Madagascar through
greater transparency in the credit system
Part of this initiative was the design, development and implementation of a central e-guarantee registry. This enables the Government of Madagascar to facilitate access to credit, especially for small and medium-sized enterprises
- Cultural differences led to communication barriers and a lack of understanding of local
business practices, which hampered the success of the project.
- Infrastructural realities in Madagascar also posed a challenge, making it difficult for team members to collaborate effectively and coordinate their efforts.
- In addition, there are a number of laws and regulations in Madagascar that must be adhered to when implementing a project, which was somewhat difficult, especially for foreign companies.
Despite these challenges, the IT project was completed on time, within budget and to the
satisfaction of all involved
Our Contribution ...
A big congratulations for this huge achievement, and a great way to close of 2022. Thanks for your collaboration, perseverance and solution oriented mindset. Looking forward to the next phase of the project in 2023.
F. Elaine MacEachern
IFC, Sr. Financial Sector Specialist
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