$3 million to help expand SMTP, a leading poultry operator in Madagascar

Madagascar, a fragile and conflict affected state, has long posed a challenging environment for the private sector. IFC and the World Bank are both an integral part of the international effort to move fragile states like Madagascar away from the margins.

 

As part of this effort, a joint IFC and GAFSP investment of $3 million in SMTP, a leading conglomerate in Madagascar, is poised to help SMTP’s subsidiaries in the poultry sector. The investment will help SMTP Group to expand the company’s poultry operations in Madagascar, creating jobs, increasing food supply and supporting economic recovery in the country. The financing will be issued in Malagasy Ariary, helping SMTP limit foreign currency risk.  

 

Three of the SMTP Group’s subsidiaries – Agrifarm, Agrival, and Mabel – will benefit from the investment. The companies will use the funds to double the production of day-old chicks, increase supply of animal feed, and will set up a modern chicken slaughterhouse, which will supply over 15,000 tons of chicken meat per year.