AGP Executive Report

Rare Earths, U.S. Funding: The U.S. International Development Finance Corporation has committed up to $4.84m to Harena Rare Earths’ Ampasindava project in northern Madagascar, backing pilot-plant work, lab testing and environmental studies as Washington tries to reduce reliance on China for magnet-critical minerals. Diplomacy, Egypt–Madagascar: Egypt and Madagascar leaders signed multiple cooperation agreements after talks in El Alamein, with focus on trade, investment, agriculture, health, transport, renewable energy, water and capacity building. Trade Numbers, Egypt–Madagascar: Egypt’s statistics agency says Egypt–Madagascar trade hit $122.8m in 2025, with Egyptian exports at $109.5m and imports at $13.3m, led by milling products. Digital Connectivity: Yas Madagascar tested advanced 5G (5.5G) ahead of commercial rollout, building on its 2020 5G launch. Industrial Policy, AfDB Grant: The African Development Fund approved a $3.48m grant for Madagascar and four other countries to strengthen industrial and trade policy frameworks and support AfCFTA implementation. Skills & Jobs, Graphite Link: A special report highlights Evion’s Maniry graphite project workforce ambitions through a Madagascar-born employee’s long-term training path, from scholarships to a PhD and senior technical role.

Rare-Earth Push: The U.S. International Development Finance Corporation is backing Harena Rare Earths’ Ampasindava project in northern Madagascar with up to $4.84m for pilot plant work, lab testing and environmental programs—part of Washington’s bid to reduce reliance on China for critical minerals. Diplomatic Boost: Madagascar’s President Michael Randrianirina met Egypt’s Abdel Fattah El-Sisi in Cairo/Alamein talks that led to multiple cooperation agreements, with emphasis on trade, investment, agriculture, renewable energy, water and capacity building. Trade Snapshot: Egypt–Madagascar trade hit $122.8m in 2025, with Egypt exporting $109.5m (led by milling products) and importing $13.3m from Madagascar. Connectivity Upgrade: Yas Madagascar tested advanced 5G (5.5G) ahead of commercial rollout, signaling faster data services and network expansion. Regional Policy Support: The African Development Fund approved a $3.48m grant for Madagascar and four other countries to strengthen industrial and trade policy frameworks and support AfCFTA implementation. Energy Access Financing: A report on PAYGo solar highlights how mismatched funder timelines can slow off-grid electricity delivery across Africa, relevant to Madagascar’s energy access debate.

Rare Earth Race: The U.S. International Development Finance Corporation backed Harena Rare Earths’ Ampasindava rare earths project in Madagascar with up to $4.48m for pilot plant work, lab tests and environmental programmes, as Washington tries to reduce reliance on China’s critical-minerals supply chain. Mining & Industrial Scale-Up: NextSource Materials’ updated feasibility study for the Molo graphite mine in southern Madagascar points to higher costs and lower returns under weaker graphite prices, but extends mine life to 37 years and supports staged expansion for EV-battery demand. Telecom Upgrade: Yas Madagascar successfully tested advanced 5G (5.5G) ahead of commercial deployment, building on its 2020 5G launch and pushing next-generation mobile services. Regional Business & Trade: SADC leadership will shift from Madagascar to South Africa at the Durban summit on 17 August, with continuity on industrialisation, value addition and critical minerals. Public Finance & Health: Global HIV funding fell 25% in 2025, driven largely by reduced U.S. support, putting treatment and prevention progress at risk—an issue with knock-on effects for health budgets across Africa. Visa Processing Shift: The U.S. will stop routine visa processing at 25 African diplomatic posts from 1 August, including Antananarivo, redirecting applicants to regional hubs.

Critical Minerals Deal: The US International Development Finance Corporation signed a Project Development Funding Agreement worth up to $4.84M with Harena Rare Earths to advance Madagascar’s Ampasindava ionic clay rare earth project, targeting permitting, environmental and social studies, and a proof-of-concept pilot plant—part of Washington’s push to reduce reliance on China-controlled supply chains. Graphite Investment Update: NextSource Materials reported a positive updated feasibility study for expanding its Molo graphite mine in southern Madagascar, extending mine life to 37 years and outlining higher costs/lower returns for a staged Phase 2 build aimed at EV-battery demand. Visa Access Shift: The US will stop routine visa processing at 25 African diplomatic posts starting Aug 1, 2026, including Antananarivo, redirecting applicants to 20 regional visa hubs across Africa. Health Funding Pressure: UNAIDS and KFF warned that global HIV funding fell 25% in 2025, driven largely by US cuts, as AIDS 2026 opens in Rio with calls for sustained donor support. Regional Economy Watch: South Africa will take over the SADC chair from Madagascar in August, with a continued focus on industrialisation, infrastructure, agriculture, and critical minerals value addition.

Graphite Investment Watch: NextSource Materials updated its Molo graphite mine feasibility for southern Madagascar, extending mine life to 37 years but with weaker returns: capital costs rose to about US$290.8m and the post-tax NPV (8% discount) was put at US$348.4m, reflecting lower graphite price assumptions. Regional Trade & Industry: South Africa will take over the SADC chair from Madagascar at the 46th Ordinary Summit in Durban on 17 August, with a continued focus on infrastructure, agriculture and critical minerals value-add. Shipping & Port Capacity: Mozambique’s Nacala cement expansion tripled capacity to 1.2M tonnes after a US$110m upgrade, with exports flagged for the Comoros and Madagascar—an indirect signal for regional construction supply chains. Madagascar-Linked Mining Pipeline: A separate NextSource update also points to a staged Phase 2 expansion plan (modular processing modules) aimed at scaling output toward 150,000 tonnes per year. Cost of Living Angle: A global cost-of-living roundup lists Madagascar among Africa’s cheaper places to live, citing low rental and food costs—useful context for household spending and demand. Energy Transition Debate: A regional ecofeminist discussion in Zimbabwe warns that Africa’s “green transition” can become “energy transition extractivism,” raising social risks around critical minerals.

Graphite & Mining: NextSource Materials says its updated feasibility study for the Molo graphite mine in southern Madagascar points to higher mine life (37 years vs 25) but weaker economics, with capital costs rising to about US$290.8m and stage-2 NPV (8% discount) at US$348.4m. Port & Shipping: Toamasina port received its first STS cranes, a move aimed at improving handling for larger vessels and boosting trade efficiency. Banking & Finance: Airtel Africa selected the London Stock Exchange for a planned 2026 IPO of Airtel Money, with the listing delayed earlier due to market volatility and higher energy costs. Health & Aid: Global HIV funding fell 25% in 2025, driven by a steep US decline, raising concerns for countries already under debt pressure. Trade & Industry: A broader push for renewables across Africa is gaining momentum as countries try to cut fossil-fuel import dependence and support electrification-led growth. Business & Mobility: India’s visa-free access for passport holders was adjusted by several countries, reshaping travel and cross-border business planning.

Graphite Investment Watch: NextSource Materials says an updated feasibility study for Phase 2 at its Molo Graphite Mine in southern Madagascar supports scaling output to 150,000 tonnes/year over a 37-year life, with about US$290.8m in capex and a pre-tax NPV of US$402.5m (8% discount). Critical Minerals Development: Harena Rare Earths also announced a Project Development Funding Agreement with the US International Development Finance Corporation (DFC), with up to US$4.84m committed toward Ampasindava permitting, environmental and social studies, and a proof-of-concept pilot plant. Port & Shipping Capacity: Toamasina port received what it says are the country’s first STS cranes, a move aimed at handling larger vessels and improving trade efficiency. Energy Transition Context: A broader renewables piece argues African countries are accelerating away from imported fossil fuels toward “electro-state” development—an angle that matters for Madagascar’s business and power costs. Local Economy & Jobs: A Mozambique cement expansion story notes exports to Madagascar and the Comoros, underlining regional demand links for construction materials.

Port & Industry: Toamasina’s port received its first STS cranes, a move aimed at handling larger ships and easing logistics bottlenecks. Mining & Critical Minerals: Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation, with up to $4.84m earmarked for Ampasindava permitting, environmental and social studies, and a proof-of-concept pilot plant. Energy & Finance (regional): Airtel Africa selected the London Stock Exchange for a planned 2026 IPO of Airtel Money, reviving the listing after earlier postponement. Public Safety & Governance: A report says disappearances and vigilante violence in Antananarivo are exposing “deeper institutional failings,” as civil society and unions press the junta for concrete action. Trade & Manufacturing (regional): Mozambique’s Nacala cement plant tripled capacity to 1.2m tons/year in a $110m investment, with exports reportedly reaching Madagascar and the Comoros. Diplomacy & Youth: SAIMUN 2026 concluded with 650+ student delegates from 14 countries, including Madagascar. Culture & Heritage: UNESCO added six historic Comoros medinas to the World Heritage List, highlighting the archipelago’s links to Indian Ocean trade routes.

Mining & US-backed funding: Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation, committing up to US$4.84m toward development work for its Ampasindava rare earth project in Madagascar, including permitting and studies. Port logistics: Toamasina port received its first STS cranes, a move aimed at boosting handling capacity for larger vessels. Security & governance: Antananarivo’s disappearance crisis is intensifying, with civil society, unions and the Catholic Church pressing the junta for concrete action as public anger fuels vigilante justice. Heritage & tourism link: UNESCO inscribed six ancient medinas in the Comoros on the World Heritage List, highlighting living trading-town heritage tied to Indian Ocean routes that historically connected the region including Madagascar. Regional business & finance watch: Airtel Africa selected the London Stock Exchange for a planned 2026 IPO of Airtel Money, while Nigeria’s renewable push drew $155m in clean energy deals—useful context for Madagascar’s own fintech and energy transition debates.

Rare Earths Deal for Madagascar: Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation, with DFC committing up to $4.84m toward development of the Ampasindava ionic clay rare earth project, including permitting, environmental and social studies, and a proof-of-concept pilot plant. Port Logistics Upgrade: Toamasina port received its first STS cranes, a move aimed at boosting handling capacity for larger vessels. Security and Human Rights Pressure: In Antananarivo, a wave of child disappearances and killings has sparked public anger and vigilante action, while civil society and unions demand concrete results from the junta amid claims of a “war” narrative and alleged political conspiracy. Mobile Finance IPO Watch: Airtel Africa says Airtel Money has selected the London Stock Exchange for a planned 2026 IPO, reviving the listing after earlier postponement. Energy Transition Context: A new BloombergNEF report says Nigeria’s solar growth is outpacing utility-scale investment—useful context for Madagascar’s own off-grid and grid-reliability debates.

UNESCO Heritage Boost: UNESCO added six centuries-old medinas in the Comoros to the World Heritage List, spotlighting living towns of palaces, mosques and narrow trading streets dating back to the 12th century, with officials calling it a “starting point” for fragile preservation. Madagascar Security & Governance: A report says Madagascar’s capital Antananarivo is reeling from disappearances and public anger, with civil society and the Catholic Church demanding concrete action as vigilante justice grows amid alleged institutional failings. Port & Trade Capacity: Toamasina port received its first STS cranes, a move aimed at handling larger ships and improving logistics for Madagascar’s trade. Critical Minerals Investment: Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation for up to $4.84m toward its Ampasindava rare earth project in Madagascar, funding studies and a pilot plant. Energy Policy Pressure: Madagascar reimposed a nationwide energy emergency, underscoring ongoing power-supply strain with direct business impact.

Rare Earths Deal: London-listed Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation, securing up to $4.84m for Madagascar’s Ampasindava ionic clay rare earth project—covering permitting, environmental and social studies and a proof-of-concept pilot plant. Energy Policy: Madagascar reimposed a nationwide energy emergency, a move that signals tighter power conditions and potential knock-on effects for business operations. Port Logistics: Toamasina received its first STS cranes, aimed at handling larger ships and improving cargo efficiency at the country’s main gateway. Governance & Security: A report says Madagascar’s capital is facing a crisis of disappearances and public anger, with civil society and the Catholic Church pressing the junta for concrete action. Diplomacy & Investment: President Colonel Michael Randrianirina met Oman Investment Authority chairman Abdulsalam bin Mohammed al Murshidi to discuss expanding economic and investment cooperation. Regional Business/Trade Watch: SADC announced an electoral observer mission to Zambia’s 13 August 2026 election, a reminder that political stability remains central to regional investment confidence.

Mobile Money & IPO: Airtel Africa picked the London Stock Exchange for a planned 2026 IPO of Airtel Money, aiming for the second half of the year as it seeks a wider investor base for its fintech unit. Critical Minerals Finance: Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation, with up to $4.84m earmarked for permitting, studies and a proof-of-concept pilot for its Ampasindava project in Madagascar. Energy Transition (Regional): A report says Nigeria’s solar boom is growing fast via small-scale systems, while weak utility-scale investment is holding back broader electricity improvements—an energy-transition lesson for the region. Madagascar Security & Governance: Coverage highlights how disappearances in Antananarivo have fueled public anger and vigilante justice, exposing deeper fractures between the junta and civil society. Madagascar-Oman Investment Talks: President Randrianirina met Oman Investment Authority chairman Abdulsalam Mohammed Al Murshidi to push economic and investment cooperation. Regional Politics: SADC announced an electoral observer mission to Zambia’s 13 August 2026 election. Trade/Business Networks: PACCI elected Tanzania’s TNCC vice president for the East African region, explicitly including Madagascar among the represented countries.

Rare Earths Deal for Madagascar: London-listed Harena Rare Earths signed a Project Development Funding Agreement with the US International Development Finance Corporation (DFC), with DFC committing up to US$4.84m toward development of the Ampasindava ionic clay rare earths project in Madagascar, covering permitting, environmental and social studies, and a proof-of-concept pilot plant ahead of a definitive feasibility study. Diplomatic Push for Investment: Madagascar’s President Colonel Michael Randrianirina met Oman Investment Authority chairman Abdulsalam Mohammed Al Murshidi to discuss expanding economic and investment cooperation between the two countries. Security and Governance Pressure in Antananarivo: A report says Madagascar’s capital is facing a surge in disappearances and public anger, with civil society, unions and the Catholic Church demanding concrete action as vigilante justice grows amid alleged military-rule fractures. Regional Business Linkages: Tanzania’s chamber chief Vincent Minja was elected PACCI vice president for the East African region, representing trade and investment priorities that include Madagascar. Health Access Watch: UNICEF and WHO reported global immunization progress is modest, with “zero-dose” children down but drop-outs still high—an issue Madagascar policymakers will likely watch as routine coverage gaps persist.

Madagascar Security & Justice: Antananarivo’s disappearance crisis is deepening, with police reporting 172 disappearances since Jan 1 and 164 still missing, as public anger fuels vigilante violence and the junta’s “conspiracy” claims face mounting pressure from civil society and unions. Critical Minerals & Investment: Evion Group says Madagascar’s Ministry of Mines has granted mining permits for its Maniry graphite project, a key step toward financing and development under the new mining code. Rare Earths Funding: Harena Rare Earths signed a project development funding agreement with the US International Development Finance Corporation for up to $4.84m toward its Ampasindava ionic clay rare earths project, including permitting and a pilot plant. Oman–Madagascar Business Ties: President Randrianirina met Oman Investment Authority chairman Abdulsalam Mohammed Al Murshidi to discuss expanding economic and investment cooperation. Regional Trade & Private Sector: PACCI elected Tanzania’s Vincent Minja as vice president for the East African region, with Madagascar included among the represented countries. Energy Transition Context: A BloombergNEF report highlights Nigeria’s small-scale solar boom driven by households and businesses, while utility-scale investment lags—useful context for Madagascar’s own power and grid discussions. SADC Election Watch: SADC announced an observer mission to Zambia’s Aug 13, 2026 general election, underscoring regional governance focus.

Madagascar Security Crisis: Antananarivo’s disappearance wave is deepening, with official police figures citing 172 disappearances since Jan 1, 2026 (164 still missing, eight children found dead), and 119 cases concentrated in Analamanga—while public anger has spilled into vigilante violence. Oman–Madagascar Investment Talks: President Randrianirina met Oman Investment Authority chairman Abdulsalam Mohammed Al Murshidi to discuss expanding economic and investment cooperation across sectors. Critical Minerals Finance: Harena Rare Earths signed a project development funding agreement with the US International Development Finance Corporation, committing up to $4.84m toward its Ampasindava ionic clay rare earth project in Madagascar. Graphite Project Milestone: Evion Group secured mining permits for its Maniry graphite project, clearing a key step toward financing, offtake talks, and a final investment decision. Regional Business Leadership: PACCI elected Tanzania’s Vincent Minja as vice president for the East African region, with Madagascar included among the represented countries. Visa Access for Travel: Panama published a visa-free list for nine African countries including Madagascar, allowing up to three months’ stay.