ACCRA-(MaraviPost)-President Lazarus Chakwera’s Tonse Alliance administration has secured US$2.6 billion (about MK2.7 trillion) from a reputable Pan-African multilateral financial institution, the AfreximBank, to finance construction of mega farms, industrial parks and special economic zones.
To concretize the agreement between the lending institution and the Malawi government, a Memorandum of Understanding (MoU) was signed by the Minister of Finance Sosten Gwengwe on behalf of Government and Afreximbank President and Board Chairman Prof Benedict Oramah on behalf of the bank at a colourful ceremony witnessed by the Malawi leader Chakwera.
Through an interview with the media on Monday evening, Chakwera lauded the signing of the MoU as being a crucial milestone as it will help transform lives of Malawians.
Chakwera added that the deal is important to Malawi as the mega farms will contribute to food security as enshrined in the Malawi economic development blueprint, the Vision 2063.
On his part, Minister of Finance Gwengwe conveyed heartfelt gratitude to AfreximBank for opening discussion talks on Malawi’s debt restructuring which will see Malawi accessing Extended Credit Facility (ECF) from the International Monetary Fund (IMF).
The Malawi leader returned home yesterday from Accra, Ghana where he participated in the 30th Annual General Meetings of the African Export-Import Bank (Afreximbank) that took place from 17th to 21st June 2023.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.