Madagascar’s Groupe Talys secures $10.5 million IFC loan

International Finance Corporation (IFC) has extended a $10.5 million loan to Madagascar’s Groupe Talys, a family-owned conglomerate led by the Hassanaly brothers, to accelerate housing development and expand modern retail infrastructure.

The €9 million ($10.5 million) financing, structured to cover both working capital and capital expenditure, will support subsidiaries such as Sanifer and Kibo as Madagascar faces a housing deficit of nearly two million units, while boosting job creation, supply chains, and access to construction materials across the country.

Driving jobs, housing access

The partnership is expected to generate up to 14,000 indirect jobs across retail, logistics, and management, while improving domestic supply chains and expanding access to quality building materials in a market grappling with a housing deficit of nearly two million units.

Madagascar’s construction and retail sectors remain largely fragmented and informal, with demand for housing rising by more than 100,000 units annually. IFC’s investment aims to bridge these gaps by supporting more structured distribution systems and scaling modern retail formats for households and small contractors.

Cláudia Conceição, IFC Regional Director for Southern Africa, said the investment underscores the institution’s commitment to inclusive private sector growth, with a strong focus on expanding formal employment opportunities, particularly for women, across retail operations and supply chains.

Scaling local enterprise

Founded in 1993 by the Hassanaly brothers, primarily Eric and Féride Hassanaly is a family-owned conglomerate headquartered in Antananarivo. Groupe Talys has grown into a key player in Madagascar’s distribution ecosystem, with operations spanning construction materials, retail, e-commerce, real estate, and hospitality.

CEO Feride Hassanaly described the IFC partnership as a milestone in the group’s expansion, positioning it to deepen its impact by creating pathways to dignified employment while improving access to housing and essential goods.

With informal employment accounting for about 60% of urban jobs in Madagascar, the expansion of Sanifer and Kibo is set to unlock new formal roles, particularly in merchandising, operations, and customer service, strengthening workforce participation and skills development.

Aligning with development goals

The investment aligns with the World Bank Group’s Country Partnership Framework for Madagascar (fiscal year 2023–27), which prioritizes job creation, human capital development, and economic resilience. It also supports broader gender inclusion goals by promoting workplace participation and economic empowerment through formal employment.

For IFC, the deal reinforces its strategy of deploying capital to catalyze private-sector-led growth in emerging markets, while addressing structural challenges in housing, employment, and access to essential goods.