[Federal Register Volume 70, Number 81 (Thursday, April 28, 2005)]
[Notices]
[Pages 22065-22154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-8531]



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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
                                                         ---------------
  Total Estimated MCC Contribution......................         109,773
------------------------------------------------------------------------

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.

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    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.

----------------------------------------------------------------------------------------------------------------
      Land tenure project activities                       Measures                       Estimated targets
----------------------------------------------------------------------------------------------------------------
[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.
----------------------------------------------------------------------------------------------------------------


 
        Finance project activities                         Measures                       Estimated targets
----------------------------------------------------------------------------------------------------------------
[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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