85658

                                           Madagascar

                   Emergency Food Security and Social Protection Project

                                        Chair Summary*

                                       February 27, 2014

        The Executive Directors approved a credit in the amount of SDR42.3 million (US$65
million equivalent) to the Republic of Madagascar for the Emergency Food Security and Social
Protection Project on the payment terms and conditions set out in the President’s Memorandum.

        Directors welcomed this third emergency operation under the Interim Strategy Note that
was discussed by the Board in December 2011. They considered the project timely and
appropriate given the ongoing food security emergency that is not currently addressed by either
of the other two emergency operations. Furthermore, the proposed interventions will preserve the
remaining productive and institutional capacity that will be needed to rebuild the agricultural and
social protection sectors, with possible support from the World Bank, once a re-engagement
strategy has been developed.

         Executive Directors appreciated the link between rebuilding agricultural production
capacity and protecting vulnerable populations while providing them with economic
opportunities. They noted that the project supports investments in irrigation infrastructure
combined with investments in technology adoption in the form of seed and fertilizer, and other
complementary investments in marketing infrastructure. Directors noted the watershed protection
measures that are needed in order to safeguard the environment, as well as the investment in
irrigation infrastructure. They also commended the project’s focus on the extreme poor,
particularly women, through the safety net component, but cautioned on the need to
appropriately target the cash transfer components.

         Executive Directors welcomed the emphasis on using existing and functioning
institutions for the implementation of project activities, and urged careful coordination with other
donors. Directors underscored the need to mitigate risks related to governance, environmental
and social safeguards and fiduciary standards. Finally, Directors urged the Bank to move forward
with a medium and long-term approach to engagement with the client.




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*This summary is not an approved record.