On his final working day of his tour to COP27 in Egypt, President Dr Lazarus McCarthy Chakwera engaged some of the major financiers of climate change management initiatives who have since pledged continued support to Malawi in this focus area.
The President held bilateral talks with Makhtar Diop – Managing Director of the International Finance Corporation (IFC).
IFC, which is a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries.
Their discussion pointed at how the World Bank can invest resources to improve the energy sector in Malawi. It also touched on formulation of solutions to adaptation and loss and damage, stemming from the inevitable impact of climate change.
The World Bank is already playing a critical role in building the capacity of Malawi in power production. It is already injecting funds and technical support towards the rehabilitation of the Kapichira Hydroelectric Power Plant and has also extended its reach to the yet-to roll out Mpatamanga Hydropower project.
In his remarks during the deliberations, President Chakwera stressed the significance of addressing the energy challenges, stating that the absence of reliable and sufficient energy supply is a stumbling block to the industrialization of farming in Malawi and by extension, an obstacle to economic recovery.
Another meeting President Chakwera held related to the Energy sector was with Francesco La Camera, Director General, International Renewable Energy Agency (IRENA).
Their discussions focused on potential for investment in hydroelectric power and specifically, in the establishment of mini grids which would more efficiently serve communities across the country.
President Chakwera pointed out the need for more investment in hydroelectric power which has to form balance with other renewable sources such as solar and wind.
The State President disclosed that government is currently working on identifying at least 15 potential sites for the establishment of mini grids to ease reliance by consumers on the national grid.
President Chakwera also met Afrexim Bank officials who he discussed his ambitious project on mega farms.