The World Bank gets involved in another positive initiative as their Board of Executive Directors approve a $40 million credit for an increased social safety net system in Madagascar.
“This operation will support the government in increasing the access of extremely poor households to safety net services and in laying the foundations for a social protection system,”explains Andrea Vermehren, the Lead Social Protection Specialist at the World Bank.
The World Bank plans to target more than 162,500 residents with this project. The social safety net project will create a systematic and programmatic foundation for social protection, channelling in on investing capital and productive assets of the communities in poverty in Madagascar.
The Social Safety Net Project will last for three years and among five regions based on several different aspects: poverty level, malnutrition rates, school attendance %, food security, and complementary programs for the particular community.
Madagascar has become a home for third-world poverty but they’ve also suffered from continued exposure to natural disasters on top of the societal issues that have developed. The Social Safety Net Project is designed to help the urbanization process in Madagascar through establishing a social program for all.
This trust fund is the early partnership between the World Bank Group and SECO to support South Africa’s development priorities.