[Federal Register: April 28, 2005 (Volume 70, Number 81)]
[Notices]
[Page 22065-22154]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
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MILLENNIUM CHALLENGE CORPORATION
[MCC FR 05-05]
Notice of Entering Into a Compact With the Government of
Madagascar
AGENCY: Millennium Challenge Corporation.
ACTION: Notice.
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SUMMARY: In accordance with Section 610(b)(2) of the Millennium
Challenge Act of 2003 (Pub. L. 108-199, Division D), the Millennium
Challenge Corporation is publishing a detailed summary and text of the
Millennium Challenge Compact between the Government of the Republic of
Madagascar and the United States of America acting through the
Millennium Challenge Corporation. Representatives of the United States
Government and the Republic of Madagascar executed the Compact
documents on April 18, 2005.
Dated: April 25, 2005.
John C. Mantini,
Acting General Counsel, Millennium Challenge Corporation.
Summary of the Millennium Challenge Compact With the Republic of
Madagascar
Poverty in Madagascar is overwhelmingly rural. Rice yields have
consistently been among the world's lowest over the last forty years
and fertilizer use is one-twelfth the African average. In this setting,
the most effective vehicle to reduce poverty is for the rural poor to
invest in their land, employ proven technology to enhance productivity,
improve farming methods, and sell to new markets. Consequently, the
Government of the Republic of Madagascar (``GoM'') asked MCC to support
a major effort to attack two of its root causes of poverty: a poorly-
functioning financial system that fails to serve the rural poor and a
weak land-titling system that fails to provide legally-recognized
collateral to support credit and investments in poor rural areas.
Further, the Malagasy believe that reforming the weak land-titling
system will increase trust in the government and encourage further
reform. Finally, improved property rights in land will also help reduce
the incentive to engage in environmentally destructive practices, such
as slash-and-burn farming, that threaten this uniquely diverse eco-
system.
The Program will address rural poverty on two geographic levels:
certain activities will be implemented on a national basis and other
activities shall be implemented in five high potential agricultural
Zones, one of which has already been identified.
The Land Tenure Project of this Compact supports formalizing the
titling and surveying systems, modernizing the national land registry,
and decentralizing services to rural citizens. The Finance Project
includes measures to make financial services available to rural areas,
improve credit skills training, and create a streamlined national
payments system that is expected to bring delays in check settlement
down from 45 to 3 days. The Agricultural Business Investment Project
will help support farmers and entrepreneurs identify new markets and
improve their production and marketing practices.
Program Activities, Costs and Performance
------------------------------------------------------------------------
Cost ($
Financial Plan Summary thousands)
------------------------------------------------------------------------
1. Land Tenure.......................................... 37,803
2. Finance.............................................. 35,888
3. Agricultural Business Investment Opportunities....... 17,683
4. Monitoring and Evaluation............................ 3,375
5. Fiscal and Procurement Management and Audits......... 7,871
6. Program Administration............................... 7,153
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Total Estimated MCC Contribution...................... 109,773
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A. Land Tenure Project ($37.8 Million Over Four Years)
The informal and uncertain land ownership prevalent today means
that poor families are reluctant to invest in improving the land they
farm and have difficulty transferring property outside of people they
know. In addition, much of the rural poor lack personal assets to
invest themselves, even if they are willing to do so, and inadequately
recorded land assets cannot be used as loan collateral. Consequently,
producers cannot access credit to purchase supplies to expand
production and reach domestic or export markets.
The existing Madagascar land registration system is an expensive
and slow paper system with little penetration in rural areas. GoM has
processed 1,500 titles per year over the past fifteen years. In 2002,
there were 200,000 requests for land titles. Less than 7% of the
country's land is titled. Based on current capacity, the backlog of
registration requests could take over one hundred years to process.
In addition, the land tenure problem is the primary barrier to
increased rural investment and limits agricultural productivity growth.
Unregistered, untitled land cannot be used as collateral against loans
to generate revenue. Recognizing this, GoM has already established a
National Land Policy Framework (PNF).
Activities under this Project include:
Supporting the PNF by developing new land laws and guiding
implementation;
Creating a land database using satellite imaging and
improving the ability of the National Land Service Administration to
restore damaged titles and surveys and issue new titles and
certificates;
Establishing local land management offices and training
officials in land titling;
Introducing standardized land registration into the
project Zones; and
Refining techniques for information gathering and
dissemination on land tenure issues.
The Land Tenure Project aims to by its completion significantly
reduce the time and cost of carrying out property transactions within
the Madagascar land registration system and it is expected to issue
titles or certificates covering approximately 250,000 hectares.
B. Finance Project ($35.9 Million Over Four Years)
Of twelve African countries with populations between 10 and 20
million, Madagascar has the lowest density of banking accounts with
only 208,000 (relative to a population of nearly 17 million), total
formal banking system credit representing only 4% of GDP and
microfinance available to only 5% of households. The country's archaic
internal payments system continues to be a drag on economic
development. Ground transport is still used to move documents and cash.
Bank deposits are generally non-interest bearing and loaned out to
finance large enterprises and the government deficit. Until 2004, most
companies were not required to produce audited financial statements and
there are currently only 70 certified accountants in the country.
Without a centralized reporting system or widespread use of
consistent financial reporting standards, lenders cannot verify the
creditworthiness of applicants, thus, making lending decisions very
risky. Local banks specializing in small loans are almost non-existent.
Routine transfers between banks can take up to 45 days, making banking
difficult if not impossible for the rural poor. The financial sector
activities are designed to reduce risk in the country's financial
system which will contribute to the increasing availability of
financial services in rural areas.
[[Page 22066]]
Activities under this Project include:
Improving financial system efficiency by modernizing
banking laws and laws regulating financial instruments and markets;
Mobilizing rural savings by making new treasury
instruments available to savings institutions, entrepreneurs, and
households;
Making National Savings Bank savings products available in
rural areas and establishing Micro Finance Institutions (MFIs) credit
lines;
Improving credit skills training and accounting standards
to improve the creditworthiness of borrowers; and
Modernizing the interbank payment system to reduce risk
and bring delays in settlement down from 45 days to 3 days.
At completion, the Financial Sector Reform Project should result in
a more efficient banking system with a larger number of households
having access to formal loan and savings products.
C. Agricultural Business Investment Project ($17.7 Million Over Four
Years)
The agricultural business investment activities are designed to
build local and regional capacity to identify and access profitable
agribusiness market opportunities which will increase investments and,
thereby, incomes in rural areas. This Project will identify
Madagascar's best investment opportunities. In addition, there will be
a large rural information campaign and training programs in
agribusiness technology and management and marketing skills.
Activities under this Project include:
Creating and operating five Agricultural Business Centers
(ABCs) in the five Zones to train rural farmers and entrepreneurs in
good business practices and identifying the Zones;
Establishing a National Coordinating Center (NCC) to link
the five ABCs with Malagasy government agencies;
Identifying investment opportunities by researching local,
regional and international markets and communicating these to local
farmers and entrepreneurs; and
Teaching technical and business management and marketing
skills in the five Zones.
The Agricultural Business Investment Project is designed to
complement the land titling and financial reform activities by
providing the knowledge needed to improve the productivity of farmers
and entrepreneurs. The Project will identify the five targeted Zones in
which the Program activities will be undertaken. It should also
significantly improve production technologies and the market access
capacity of the beneficiaries.
D. Measuring Outcome and Impact ($3.4 Million)
The objective of the Program is to reduce poverty in Madagascar
through increasing investment in rural areas. The three Program
components will be evaluated based on their contribution to three
principal indicators:
Increase in household income in each of the Zones;
Increase in land productivity in each of the Zones (e.g.,
agricultural output per hectare); and
Increase investment in each of the Zones.
These indicators, together with others at the individual Project
activity level (described in the table below), will be used to measure
the impact of the Program and implementation progress in accordance
with the guidelines set forth in the Monitoring and Evaluation Plan.
MCC and Madagascar have agreed to a series of benchmark indicators
to measure progress on the Compact. MCC is also providing initial
funding under Section 609(g) of the Millennium Challenge Act to
initiate baseline data collection before the Compact enters into force.
The use of such funds will provide baselines for the three indicators
and would have independent capacity-building value to the Malagasy
National Institute for Statistics.
The tables below summarize certain of the anticipated interim
measurements and estimated targets for each Project.
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Land tenure project activities Measures Estimated targets
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[squf] Support the Development of the [squf] Submission and passage of new [squf] Land legislation
Malagasy National Land Policy Framework legislation that recognizes improved that recognizes improved
[squf] Improve the Ability of the land tenure procedures, documents land tenure procedures
National Land Service Administration to (certificates) and techniques adopted by Month 15.
Provide Land Services [squf] Percentage of land documents [squf] 100% of
[squf] Decentralization of Land Services inventoried, restored, and/or digitized approximately 800,000
[squf] Land Regularization in Target [squf] Percent of land in pilot sites in documents inventoried,
Zones the Zones that is securely demarcated 300,000 damaged land
[squf] Information Gathering, Analysis and registered documents restored and
and Dissemination [squf] Average time and cost required to 400,000 of the existing
carry out property transactions at documents digitized.
national and local levels [squf] 100% of
approximately 250,000
hectares demarcated.
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Finance project activities Measures Estimated targets
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[squf] Promote Legal and Regulatory [squf] Submission, passage, and [squf] Legislation
Reform implementation of new legislation that permitting a multi-tiered
[squf] Reform Sovereign Debt Management permit a multi-tiered financial system financial system submitted
and Issuance as recommended by outside experts and by Month 5.
[squf] Strengthen the National Savings relevant commissions [squf] Check clearing delay
Bank [squf] Number of holders of smaller reduced form 45 days to 3
[squf] Provide New Instruments for denomination treasury bills days.
Agribusiness Credit [squf] Volume of treasury bill holdings [squf] Growth rate of
[squf] Modernize National Interbanks [squf] Number of treasury bills held volume of funds in the
Payments Systems outside of Antananarivo payment system to exceed
[squf] Improve Credit Skills Training, [squf] Check clearing delay GDP growth rate.
Increase Credit Information and Analysis [squf] Volume of funds in the payment [squf] MFI portfolio-at-
system risk delinquency rate
[squf] Volume of microfinance reaches and remains steady
institution (MFI) lending in the at 4-6%.
targeted zones [squf] $5 million increase
[squf] MFI portfolio-at-risk delinquency in MFI lending in the
rate Zones.
[squf] Reporting of credit and payment
information to a central database
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Agriculture business investment project
activities Measures Estimated targets
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[squf] Create and Operate Five ABCs [squf] Zones identified and cost- [squf] Five Zones
[squf] Create NCC and Coordinate effective investment strategies identified and cost-
Activities with GoM Ministries and ABCs developed effective investment
and Identify the Zones [squf] Number of farms and enterprises strategies developed by
[squf] Identify the Investment employing technical assistance received Month 12.
Opportunities [squf] Number of farms/enterprises [squf] One agribusiness
[squf] Build Management Capacity in the receiving/soliciting information on investment strategy
Zones business opportunities developed for each zone.
[squf] Value of change in
marketing and production
techniques exceeds costs.
----------------------------------------------------------------------------------------------------------------
E. Fiscal and Procurement Management and Audits ($7.9 Million)
Financial administration, procurement and financial and performance
audits are budgeted at $7.9 million over four years.
Funds control for the MCA Program will be managed by a separate
fiscal agent identified using a competitive process. A modified version
of Madagascar's procurement law--which was written with technical
assistance from international donors--will govern procurements in the
Compact. Disbursements will be made periodically based on performance,
projected cash requirements, and compliance with provisions in the
Compact and related documents.
The Program will be supplemented by a fiscal accountability plan,
setting forth principles on funds control, accounting, financial
reporting, auditing, and disbursement.
F. Program Management ($7.2 Million)
Program management, which includes personnel, office space,
equipment, and general administrative costs, is budgeted at
approximately $7.2 million over four years.
The management and control structure is consistent with a priority
identified by GoM in the PRSP: a commitment to public-private
partnership in the management of key public enterprises. MCA-Madagascar
will include representatives of GoM, the private sector, NGOs and
intended beneficiaries. They will recruit key managers from both the
public and private sectors. A simplified version of this structure is
presented below.
MCA Madagascar will be headed by a Steering Committee which will
act like a Board of Directors for MCA-Madagascar and be composed of the
Chief of Staff of the President; the Secretaries General of each of the
following Ministries: Agriculture, Livestock and Fisheries; Economy,
Finance and Budget; Industry, Commerce and Private Sector Development;
and three non-government members (e.g., civil society or private sector
representatives) who will be members of an Advisory Council.
The Steering Committee will appoint a management team, composed of
a Managing Director, a Manager of Administration and Finance, a Manager
of Monitoring and Evaluation, a Manager of Procurement, and three
Project Managers with responsibility for each of the three project
areas. MCC intends to place one, or possibly two, MCC field
representative(s) in Madagascar to monitor and provide support to MCA-
Madagascar (including full observer and information rights with respect
to the Steering Committee). However, MCA-Madagascar will have the
primary role for Program implementation and management.
The Advisory Council will be an independent body made up of
beneficiary representatives (including civil society and private sector
representatives) who will have a regular opportunity to provide the
Steering Committee and MCA-Madagascar management with their views or
recommendations on the performance and progress of implementation.
Other Highlights
Consultative Process: In developing the concepts for the activities
covered in this Compact, GoM engaged in a consultative process solely
focused on MCC. An introductory national workshop was organized on
September 16, 2004 (consisting of more than 350 participants, including
President Ravolomanana) to describe the MCA and discuss obstacles to
economic growth and poverty reduction.
GoM then organized six regional consultative workshops, each
consisting of 50 to 150 representatives of the business community, non-
governmental organizations, civil society and donors in Antsiranana,
Antsirabe, Mahajanga, Toliary, Fianarantsoa, and Toamasina and one
national workshop in Antananarivo. During this period, GoM also ran
radio and TV broadcasts on the MCA, soliciting on-air input, and
published newspaper advertisements that announced meetings and called
for submission of proposal ideas.
There is broad agreement among the Malagasy and donors that the
activities suggested in the Malagasy Compact proposal are priorities
for addressing poverty reduction through economic growth.
Sustainability: The Program activities are largely focused on
promoting investment opportunities through unleashing the rural private
sector. Sustainability will result from rural producers taking
advantage of the increased access to financial resources and
information. A number of Program activities will be reinforced by a
system of graduated user fees for services, including land titling,
registration, credit reporting, banking services, and technical
assistance provided by the ABCs.
Environment: Madagascar is home to some 10,000 endemic plant
species, 316 endemic reptile species and 109 endemic bird species. It
is also home to 71 primates found only there. This unique eco-system is
threatened by the prevalence of slash and burn agriculture. Instituting
secure land tenure will confer an incentive on landowners to make
investments that preserve and enhance the productivity of the land's
natural capital rather than practice destructive farming techniques.
The Agricultural Business Investment Project will encompass sustainable
agriculture principles to design interventions sensitive to the
environment.
Donor Coordination: The Program complements and supplements efforts
by other donors in each of the areas being addressed. Increasing rural
incomes is the focus of the Malagasy national development strategy and
numerous donors are supporting the achievement of this goal. The EU,
World Bank, IFAD, FAO and AFD are all active in supporting various
elements of the PNF. Similarly, World Bank, UNDP, AFD, ILO and USAID
have funded activities to build capacity of micro-finance institutions.
Finally, IFC and USAID efforts will be complemented by the Agricultural
Business Investment Project.
[[Page 22068]]
Summary and Conclusion
Madagascar has undertaken structural reforms, created a more
favorable environment for private investment and taken steps to
integrate into the world economy. These policies have improved
macroeconomic stability and sustained economic growth. The greatest
challenge, however, is to ensure that growth translates into
improvements in the lives of the poor. Growth needs to be brought to
rural areas: Getting the agriculture sector to grow and diversify,
linking farmers to markets. Farmers must move beyond subsistence
agriculture and start producing for export and for local processing if
macroeconomic stability is to be translated into poverty reduction.
The basic premise of the Millennium Challenge Corporation is that
establishing the right conditions is essential for economic growth and
foreign aid effectiveness. The Madagascar Program establishes the
proper conditions: land ownership, access to capital, and utilizing
production and management know-how to reduce poverty.
This Program will have a positive economic impact on Madagascar:
increased land security will result in more productive and
environmentally friendly agricultural practices as well as improve
access to credit in rural areas; financial sector reform includes
measures to make financial services available to rural areas, improve
credit skills training, and create a streamlined national payments
system; and, agribusiness investment activities will support farmers
and entrepreneurs as they move away from subsistence agriculture to
more modern, market-based production.
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[FR Doc. 05-8531 Filed 4-27-05; 8:45 am]
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