SOCIAL

Social Investment Fund

As part of our commitment to the people of Madagascar, Ambatovy works to improve, support, and enhance the standard of living of the communities where the project operates. Ambatovy collaborates with local authorities and civil society representatives to understand and help meet community development needs. For example, Ambatovy supports youth development organizations and entities working in the health, education, and sanitation services as a way of investing effectively in long term and sustainable development.

In September 2012, Ambatovy created its Social Investment Fund (SIF) in a partnership with the Government of Madagascar. As an active member in the communities in which it works, Ambatovy is dedicated to making social investments that are effective, transparent, and sustainable. The Social Investment Fund represents Ambatovy’s commitment of $25 million to support these practices and the Company’s goals of social development.

17 investment projects have been identified and approved to complete the fund. These projects include:

  • the Harensoa Poultry Project
  • the rehabilitation of the Bazary Be in Toamasina: completed
  • the destruction of the Zeren ammonia stock: completed
  • the rehabilitation of the market in Moramanga
  • the rehabilitation of a portion of road in Ambatondrazaka
  • the ‚ÄúMoramadio‚ÄĚ waste management project in Moramanga
  • the ‚ÄúToamadio‚ÄĚ waste management project in Toamasina
  • the creation of a civil protection unit in Toamasina
  • support for JIRAMA in Toamasina, the national water and energy provider
  • equipment for the fire brigade in Toamasina
  • the rehabilitation of the Technical High School in Toamasina
  • the establishment of a fund for the good governance of mining royalties
  • the rehabilitation of the market in Brickaville
  • the rehabilitation/construction of infrastructure in Toamasina
  • the construction of a laboratory for the National Environmental Office (ONE) in Toamasina
  • the rehabilitation of the trial court in Moramanga
  • the purchase of an ambulance for Moramanga

To date, ten of the projects have been completed and the remaining are currently in progress, with a significant portion expected to be completed in the next few years.

Investments for each project will be made in compliance with Ambatovy’s social investment policies as well as our procurement and project implementation procedures. Ambatovy also adheres to international standards applicable to infrastructure and social development programs.

One aspect of this program is that it will achieve an improvement in coordination with the Government and Regions in identifying priority projects. Now that all projects have been identified, Ambatovy will take the lead in determining which projects will receive funding in partnership with regional and national authorities. All aspects of funding and financing of approved projects are handled directly through Ambatovy including supplies and contractor payments. All contractors will be independent, third-party companies. Funds for the identified projects are managed and supervised by Ambatovy and are communicated with full transparency in Ambatovy’s corporate reporting.