IFC is working with Madagascar's government, conservation groups, and local businesses to tap the huge ecotourism potential offered by the island's pristine beaches and unique mix of flora and fauna.
Isolated from the rest of Africa, the country has an estimated 10,000 plant species, about 90 percent of which are not found anywhere else in the world. It is also home to plentiful marine resources and a culture spiced with African, Asian, and European influences.
Despite its natural beauty and biodiversity, Madagascar welcomed only about 350,000 tourists in 2007—compared to 9 million who visited nearby South Africa.
The government recently committed to boosting the tourism sector as a way of attracting foreign investment, creating jobs in rural areas, and reducing poverty. It also plans to funnel a percentage of the revenue back into conservation, helping guarantee the future of the country's protected areas.
IFC is supporting Madagascar's efforts to increase private sector investment in ecotourism facilities and turn the island into a destination of choice. Working closely with conservation groups, IFC is committed to balancing development with environmental concerns to ensure sustained growth in the sector.
Tourism Strategy
In 2006, Madagascar invited IFC to help develop and implement a strategy that will attract new investments and interest in tourism. A shortage of quality accommodation near protected areas and insufficient investment and promotion were identified as major obstacles to growth.
To help address these issues, IFC is working to improve the investment climate and structure a legal basis for private companies to invest in and around protected areas. IFC is also working to simplify procedures for obtaining tourism licenses, promoting the sector through seminars, and providing advice on producing new brochures and Web sites.
With IFC's support, Madagascar aims to increase its number of visitors to 500,000 by 2012 and attract annual investments of $500 million to the sector. This will give thousands of Malagasy a chance to escape poverty and improve their lives through new jobs in the tourism and related sectors.
IFC's partners in this project include Madagascar's Ministry of Environment, Water, Forests, and Tourism; the National Association for the Management of Protected Areas, agency responsible for managing Madagascar's national parks; the Economic Development Board for Madagascar; the United States Agency for International Development; and conservation groups Conservation International and the Wildlife Conservation Society. |
For more information contact:
Jason Hopps
Communications Officer
Phone: +2711 731 3120
E-mail: jhopps@ifc.org
