AGP Executive Report

Currency: Madagascar’s ariary was the strongest-performing currency among those tracked in a World Bank comparison, despite broad pressure on African exchange rates. Investment: The Fonds Souverain Malagasy and Gemcorp signed a partnership to attract capital for mining, energy and infrastructure, with a target of raising up to $5 billion over four years. Energy: Madagascar also signed an agreement for the 120 MW Volobe Amont hydropower project, adding to plans for new hydropower and solar capacity. Agriculture: Southern communities are already facing hunger as El Niño raises drought risks, threatening crops and livelihoods in a region still recovering from famine. Digital Services: Proposed reforms aim to make mobile internet more accessible, not just widely covered. Mining: The central bank is buying locally produced gold to build reserves and reduce outflows. Tourism: Madagascar’s Miavana resort ranked second in Condé Nast Traveller’s 2026 Indian Ocean resort awards.

Investment: Gemcorp and Madagascar’s sovereign wealth fund have agreed to develop projects and attract international capital for mining, energy and infrastructure, building on a plan to raise up to $5 billion over four years. Food Security: Southern Madagascar is already facing hunger as El Niño threatens greater drought, putting farmers and vulnerable communities at risk after past famine. Energy: Madagascar has signed an MOU for the 120-megawatt Volobe Amont hydropower plant, adding to efforts to expand generation. Digital Services: Telecom operators say high taxes on services, mobile finance and entry-level smartphones are limiting internet access; a proposed communications bill could support reforms. Mining and Environment: Villagers have filed a claim against Rio Tinto over wastewater they say contaminated their land and water.

Energy & Mining Finance: Madagascar is teaming up with London-based Gemcorp Capital Management to help its sovereign wealth fund mobilize up to $5bn over four years for hydropower, solar and mining ventures, including graphite, cobalt, nickel and rare earths, with an office planned in Antananarivo. Digital Inclusion & Telecom Policy: A new push to make mobile internet truly accessible in Madagascar highlights urgent reforms tied to the Electronic Communications Bill, with calls to cut telecom excise duties and lower taxes on mobile finance and entry-level devices to reduce costs for households. Agribusiness & Research Links: AfricaRice is visiting CIMMYT to deepen partnerships aimed at resilient food systems, with a focus on strengthening rice production and scaling climate-smart approaches across southern Africa, including Madagascar. Infrastructure & Power Projects: Madagascar signed an MOU for a 120 MW Volobe Amont hydro plant, adding momentum to the country’s energy pipeline. Cross-Border Labor Pressure: A new Comoros jobs law threatens livelihoods of Malagasy migrants, raising concerns about precarity and exclusion from certain small-scale work. Health & Biosecurity Watch: Reports around a suspected pneumonic plague case in Russia keep international attention on lab safety and public health monitoring, a reminder of risks that can ripple into global trade and travel.

Energy & Mining Finance: Madagascar is seeking up to $5bn by partnering with London-based Gemcorp Capital Management to fund hydropower, solar and mining development via the Fonds Souverain Malagasy, with an office planned in Antananarivo. Digital Inclusion & Telecom Policy: A new push to make mobile internet truly accessible in Madagascar highlights the Electronic Communications Bill and calls for cutting telecom excise duties and mobile-finance taxes plus lowering import costs on entry-level devices. Agribusiness Partnerships: AfricaRice’s director met CIMMYT in Zimbabwe to deepen research links for resilient, climate-smart rice systems across southern Africa, including Madagascar’s role in scaling solutions. Critical Minerals Value Chain: A New York forum on financing Africa’s critical-minerals processing and manufacturing drew African leaders and U.S. investors, focusing on how countries can raise capital without losing control of assets. Regional Labor Shock (Madagascar Diaspora): A Comoros jobs law banning foreign nationals from certain work is worrying Malagasy traders and workers, with concerns it could push many women into deeper precarity. Health & Risk Watch: Reports of a suspected pneumonic plague case in Russia’s Siberia—after a lab worker’s death and near-200 contacts under observation—kept international attention on biosecurity and transparency.

Madagascar Telecom Reform: A new push to make mobile internet truly accessible in Madagascar is spotlighting the Electronic Communications Bill and, crucially, the tax load that keeps smartphones and mobile finance out of reach for many households. Agri-Science & Biosecurity: Madagascar periwinkle research is being used to “green-synthesize” iron oxide and zinc oxide nanoparticles that strengthen plant defenses and curb bacteria—an angle that fits local agriculture and input costs. Food Systems Partnerships: AfricaRice’s leadership met CIMMYT in Zimbabwe to deepen research links aimed at resilient, climate-smart rice and scaling solutions across southern Africa, with Madagascar in the delegation. Mining & Community Risk: Rio Tinto faces renewed attention as Madagascar villagers file claims over alleged mine contamination, keeping pressure on environmental safeguards and accountability. Energy Infrastructure: Madagascar signed an MOU for the 120 MW Volobe Amont hydro plant, adding momentum to the country’s power pipeline. Regional Labor Tensions: A Comoros jobs law is drawing criticism for threatening livelihoods of Malagasy migrants, raising questions about cross-border labor protections. Public Health Watch: Suspected pneumonic plague in Russia’s Siberia has triggered quarantine measures for contacts, underscoring how quickly health scares can disrupt regional operations.

Madagascar-Linked Mining & Water Risks: Rio Tinto faces fresh scrutiny as Madagascar villagers file claims alleging contaminated wastewater tied to mining impacts, keeping community water and health concerns at the center of the dispute. Energy & Infrastructure Deal: Madagascar signed an MOU for a 120 MW Volobe Amont hydropower plant, signaling continued momentum for domestic power generation and grid-linked investment. Digital Infrastructure Expansion: Stellarix, backed by Madagascar billionaire Hassanein Hiridjee’s Axian Group, is expanding data-center capacity in Senegal to meet AI demand, with knock-on implications for regional “sovereign cloud” services. Regional Labor Pressure on Malagasy Migrants: A new Comoros jobs law banning foreign nationals from certain work is alarming the roughly 20,000 Malagasy in the islands, with women-led small trading livelihoods most at risk. Health & Biosecurity Watch: Russia’s Siberia reports a suspected pneumonic plague case after a lab worker’s death, with nearly 200 contacts under observation—an issue for regional public health readiness. Agribusiness & Climate Stress: El Niño is expected to worsen drought risk across South Africa and southern/central Mozambique, raising stakes for food security and water-dependent industries. Packaging Industry Move: Guala Closures completes acquisition of Metal Crowns in Kenya, Tanzania and Burundi, expanding beverage packaging manufacturing across East Africa. Environment & Blue Economy: Tanzania hosts COP12 to the Nairobi Convention, aiming to coordinate action on marine pollution, illegal fishing and coastal ecosystem protection.

Mining & Communities: More than 6,500 people in Madagascar have filed a claim in London’s High Court against Rio Tinto’s QIT Madagascar Minerals, alleging acidic wastewater from the mineral sands operation exposed communities to dangerous lead and uranium levels, with over 2,000 children among claimants; Rio Tinto says it has monitoring and that most regulated metals were below detection limits in its 2025 water report. Energy Infrastructure: Madagascar’s government and CGHV signed a memorandum of intent for the Volobe Amont hydro plant on the Ivondro River, targeting over 120 MW; 60 MW would supply Toamasina port and the rest would feed the Antananarivo grid, with EU/EIB/World Bank partners listed and financing still pending. Climate & Risk: The South-West Indian Ocean climate outlook warns governments and communities to prepare for multiple hazards—drought and food-security stress in the south, flooding and landslides in wetter areas, and heat, marine impacts and cyclone risk for island states—citing strengthening El Niño conditions. Agriculture & Water: El Niño is expected to persist across southern Africa, raising drought risk in South Africa and southern/central Mozambique and threatening agriculture, water resources and food security. Digital Infrastructure: Stellarix, owned by Madagascar billionaire Hassanein Hiridjee’s Axian Group, is expanding its Senegal data center capacity to meet AI and cloud demand, supporting “digital sovereignty” across markets including Madagascar.

Madagascar Mining & Water Justice: More than 6,500 people in Madagascar have filed a claim in London’s High Court against Rio Tinto’s QIT Madagascar Minerals (QMM), alleging acidic wastewater discharged into local lakes and waterways exposed communities to dangerous lead and uranium levels, with over 2,000 claimants children; Rio Tinto says it has been notified but has not received full details and points to its 2025 water monitoring results. Energy Infrastructure: Madagascar and CGHV signed an MoI to build the Volobe Amont hydroelectric plant on the Ivondro River in Atsinanana, targeting over 120 MW, with EU/EIB/World Bank partners and EU funding pledged for the power station and transmission lines; 60 MW is earmarked for Toamasina port and 60 MW for the Antananarivo grid. Climate & Agriculture Risk: A regional outlook warns Madagascar and neighbors to prepare for multiple hazards linked to strengthening El Niño—drought and heat in the south, flooding and landslides in wetter areas—raising pressure on agriculture, water, health, and fisheries. Regional Business & Packaging: Guala Closures completed its acquisition of Metal Crowns across Kenya, Tanzania and Burundi, expanding beverage packaging capacity in East Africa and extending supply links that already reach Madagascar. Health Security: Reports of pneumonic plague in Russia’s Irkutsk region triggered hospital quarantines and contact restrictions, underscoring how quickly outbreaks can disrupt healthcare operations.

Aviation Reform: The African Union’s push for the Single African Air Transport Market is running into slow implementation, with only 19% of intra-Africa routes currently served by direct flights—costs stay high as governments treat aviation as revenue. Digital Infrastructure: Madagascar billionaire Hassanein Hiridjee’s Stellarix is expanding its Senegal data center capacity to meet cloud and AI demand, aiming to strengthen “digital sovereignty” across the region. Energy & Industry: Madagascar and CGHV signed an MoI for the 120+ MW Volobe Amont hydro plant, with EU-backed partners listed to fund the station and transmission lines—60 MW earmarked for Toamasina port and 60 MW for the Antananarivo grid. Mining & Accountability: More than 6,500 people in Madagascar have filed a London High Court claim against Rio Tinto’s QMM mine over alleged lead and uranium contamination from wastewater; Rio says monitoring shows regulated metals below detection limits. Climate Risk for Business: A South-West Indian Ocean outlook warns Madagascar and neighbors to prepare for multiple hazards—drought and heat in the south, flooding and landslides in wetter areas—impacting agriculture, water and fisheries.

Hydropower Deal: Madagascar signed an MoU with CGHV to build the Volobe Amont hydro plant on the Ivondro River (over 120 MW). The EU, EIB and World Bank are listed as partners, with EU backing of €212m, and the plan targets power for Toamasina port and the Antananarivo grid—though financing is still pending. Mining & Water Lawsuits: More than 6,500 people in Madagascar have filed a London High Court claim against Rio Tinto’s QMM over alleged lead and uranium contamination from mine wastewater; Rio says monitoring shows regulated metals below detection limits. Packaging Industry Expansion: Guala Closures completed its acquisition of Metal Crowns across Kenya, Tanzania and Burundi (about US$81.7m), expanding beverage closure manufacturing and supply across East Africa, including Madagascar. Climate Risk for Industry & Food: A South-West Indian Ocean outlook warns of multiple hazards tied to El Niño—drought and heat in the south, flooding and landslides in wetter areas—highlighting impacts on agriculture, water and health across Madagascar and neighbors. Global Health Pressure: WHO reports cholera deaths rose 30% in 2025 to 7,870, with Africa carrying the heaviest burden—an operational reminder for water, sanitation and treatment capacity.

Mining & Legal Pressure: Over 6,500 people in Madagascar have filed a claim in London’s High Court against Rio Tinto’s QIT Madagascar Minerals, alleging acidic wastewater contaminated lakes and waterways with lead and uranium, with more than 2,000 claimants children; Rio Tinto says it was notified but has not received details and points to its water monitoring results. Energy Infrastructure: Madagascar signed an MoI for the 120+ MW Volobe Amont hydro plant on the Ivondro River, with EU/EIB/World Bank partners and EU funding pledged (212m euros) to cover the station and transmission lines; 60 MW is earmarked for Toamasina port and 60 MW for the Antananarivo grid. Climate & Agriculture Risk: The South-West Indian Ocean forum warns of multiple hazards for Oct 2026–Mar 2027, including drought and heat in the south and flooding/landslides in wetter areas, with knock-on effects for farming, water and health across Madagascar and neighbors. Health Systems Watch: WHO reports cholera deaths rose 30% in 2025 to 7,870 (highest since 1999) despite fewer cases, urging safer water, sanitation, vaccination and faster access to care—issues that matter for Madagascar’s public health planning.

Hydropower Deal: Madagascar signed an MoU with CGHV to develop the Volobe Amont hydroelectric plant on the Ivondro River in Atsinanana, targeting over 120 MW; 60 MW would supply Toamasina port and 60 MW the Antananarivo grid, with EU/EIB/World Bank partners and €212m pledged, though financing is still pending. Mining Accountability: More than 6,500 people in Madagascar filed a London High Court claim against Rio Tinto’s QIT Madagascar Minerals, alleging acidic wastewater discharged into local waterways exposed communities—over 2,000 children—to dangerous lead and uranium levels. Beverage Packaging Expansion: Guala Closures completed its acquisition of Metal Crowns across Kenya, Tanzania and Burundi for about Kes 10.6bn (US$81.7m), expanding its East Africa beverage closure footprint, including supply links to Madagascar. Climate Risk for Industry: A South-West Indian Ocean outlook warns Madagascar and neighbors to prepare for multiple hazards tied to El Niño—drought and water stress in the south, flooding and landslides in wetter areas—impacting agriculture, water, health and fisheries. Public Health Pressure: WHO reported cholera deaths rose 30% in 2025 to 7,870, with Africa carrying the heaviest burden and many deaths occurring outside health facilities.

Hydropower Deal: Madagascar signed an MoU with CGHV to develop the Volobe Amont hydroelectric plant on the Ivondro River in Atsinanana, targeting over 120 MW; 60 MW would supply Toamasina port and the rest feed the Antananarivo grid, with EU/EIB/World Bank partners and €212m pledged while financing is still pending. Mining Accountability: More than 6,500 people in Madagascar have filed a London High Court claim against Rio Tinto’s QIT Madagascar Minerals over alleged lead and uranium contamination from mine wastewater, with children among the claimants; Rio Tinto says monitoring shows regulated metals below detection limits. Beverage Packaging Expansion: Guala Closures completed its acquisition of Metal Crowns across Kenya, Tanzania and Burundi for Kes 10.6bn, expanding manufacturing and supply of beverage closures into markets including Madagascar. Public Health Pressure: WHO reported cholera deaths rose 30% in 2025 to 7,870, the highest since 1999, with Africa carrying the heaviest burden—an urgent reminder for water, sanitation and hygiene investments. Climate Risk for Industry: The South-West Indian Ocean Climate Outlook warns of multiple hazards for Oct 2026–Mar 2027, including drought and flooding impacts that could disrupt agriculture, water and fisheries across the region including Madagascar.

Mining & Accountability: Over 6,500 people in Madagascar have filed a claim in London’s High Court against Rio Tinto’s QIT Madagascar Minerals (QMM), alleging contaminated wastewater from the mineral sands operation exposed communities to dangerous lead and uranium levels, with more than 2,000 claimants children; Rio Tinto says it has extensive monitoring and says regulated metals were mostly below detection limits in its 2025 water report. Energy & Industry Continuity: Bell Bay Aluminium in northern Tasmania—wholly owned by Rio Tinto—has secured government-backed support to keep operating until at least 31 Dec 2031, with Hydro Tasmania continuing electricity supply, highlighting how power access underpins heavy industry competitiveness. Digital Finance & Capital Markets: Airtel Money (Airtel Africa) has brought International Finance Corporation in as an anchor investor ahead of a planned London Stock Exchange IPO, a signal for fintech funding pathways across Africa. Public Health: WHO reports cholera deaths rose 30% in 2025 to 7,870, the highest since 1999, even as reported cases fell, with Africa carrying most of the burden—relevant for Madagascar’s water, sanitation, and healthcare planning. Agribusiness & Trade Links: A China-Africa media tour in Jiangsu showcased cooperation in digital innovation, intelligent manufacturing, and modern agriculture, including visits tied to textile and farm machinery—useful context for Madagascar’s export and supply-chain partners.

Mining & Water Safety: Over 6,500 people in Madagascar have filed a claim in London’s High Court against Rio Tinto’s QIT Madagascar Minerals (QMM), alleging acidic wastewater discharged into lakes and waterways exposed them to dangerous lead and uranium levels; the law firm says more than 2,000 claimants are children, while Rio Tinto says it has extensive monitoring and that its 2025 water report found regulated metals below detection limits. Public Health: The WHO reports cholera deaths rose 30% in 2025 to 7,870—the highest annual toll since 1999—even as reported cases fell; Africa carried most of the burden, with seven countries accounting for about 90% of cases and deaths, underscoring the need for safe water, sanitation, hygiene, vaccination, and faster access to care. Finance & Digital Payments: Airtel Money’s planned London IPO has attracted International Finance Corporation as an anchor investor, with IFC proposing up to $90m, signaling momentum for African capital markets and large-scale exits. Agribusiness & Supply Chains: A new report highlights Madagascar’s role in global vanilla supply and how climate volatility is threatening production, pushing industry players to invest in farmer support and resilience. Travel & Services: Bunnik Tours promotes small-group Africa itineraries that include Madagascar, emphasizing more time with people and places beyond wildlife drives.

Public Health: WHO says cholera deaths rose 30% in 2025 to 7,870, the highest since 1999, with Nigeria and six other countries accounting for about 90% of reported cases and deaths—highlighting urgent needs for safe water, sanitation, hygiene, vaccination, and faster access to care. Madagascar Society & Rights: A report on people with albinism in Madagascar describes ongoing terror and attacks, including a case in Toliara where an 18-month-old child was targeted during a violent assault. Youth & Governance: Madagascar’s Gen Z activists say they feel “betrayed” after last year’s protests, alleging the new government has repeated crackdown tactics and slowed reforms. Industry & Agribusiness: In Antananarivo, Enduma’s gony bag production is running at full capacity, supplying harvest-season demand and industrial buyers across agri-food, mining, and construction materials. Trade & Supply Chains: A shipment of 222 marine fossils attributed to Madagascar was found in Chile after being declared as household ornaments, raising questions about how heritage goods move through trade. Health Systems: “Future Health” convened global leaders at UNGA81, including Madagascar, pushing prevention-focused health systems built on early risk data, financing, delivery capacity, and inclusive service delivery.