A $500 million envelope is on the table. According to a statement from the Presidency of the Refoundation of Madagascar, this is the core of the agreement signed between the Malagasy Sovereign Fund (FSM) and Gemcorp Capital Limited on Thursday in New York.
The signing took place following a meeting between Colonel Michaël Randrianirina, Head of State, and Atanas Bostandjiev, Executive Chairman and CEO of Gemcorp Capital Limited, at the headquarters of Madagascar’s representation to the United Nations. This marks the culmination of discussions held between the two parties during an initial meeting in Brussels earlier this month. According to the Presidency, the funds resulting from this agreement will finance strategic projects, particularly in the energy and supply sectors, as well as other infrastructure projects deemed strategic by the government.
The presidential statement further notes that this agreement should enable the FSM to strengthen its financing capabilities and mobilize private resources for sectors considered strategic. However, the information shared regarding this New York signing remains relatively vague, as it does not specify whether the $500 million is already secured or remains to be mobilized.
Furthermore, the terms of acquisition and potential repayment conditions for this sum are not indicated. Sources contacted for further details did not respond, preferring to leave the disclosure of further information to the Head of State or Andriniaina Raharinomena, Chairman of the Board of Directors of the FSM. On its website, Gemcorp Capital describes itself as an “asset manager.” Founded in 2014 by Atanas Bostandjiev, it is an investment management firm specializing in emerging markets.
The company’s website indicates that it had invested approximately $9 billion as of the end of August 2026 and operates in twenty-five emerging countries. It states that it focuses its activities on four key sectors: energy, water, food, and social infrastructure.
Captured & Published at: 2026-09-26 06:23:35 (Madagascar Local Time EAT)
Original Source: https://www.lexpress.mg/2026/09/fonds-souverain-malagasy-un-accord-de.html
