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    PRESIDENT CHAKWERA LANDS HISTORIC K7 TRILLION INVESTMENT PACKAGE FOR MALAWI

    President Lazarus McCarthy Chakwera on Monday signed a US$ 6.8 billion-dollar worth of grant with Belgium-based Bridgin Foundation.

    The size of the grant itself alone has already sent tongues wagging among the general public as it is equivalent to half the size of the entire Malawi economy (as measured by norminal Gross Domestic Product) which is now valued at around 12 billion dollars.

    According to available information, the grant will among others finance construction of Inkosi ya Makosi M’mbelwa University with high-tech Livestock Industrial Centre in Mzimba, Kamuzu University Teaching Hospital in Blantyre with satellites in Mangochi, Lilongwe and Mzuzu, High-tech Bio Science and Fertilizer Manufacturing Industrial Park at Lilongwe University of Agriculture and Natural Resources (Luanar)

    Other projects are Mzuzu University Teaching and Learning and Research Facilities for geo-mining and the establishment of a business park, Malawi University of Science and Technology High-tech and Engineering hub, Capital Hill Twin Towers to provide office space for ministries, departments and agencies, Development of Power generation facilities with total installed capacity of 1000 megawatts.

    Chakwera: First Malawi leader to land such a huge investment deal

    There will also be an investment towards upgrading and rehabilitation of the electricity transmission infrastructure across the country.

    The implementation of the colossal grant, which has been described as a game changer and first of its kind, will take a period of three years.

    In his remarks President Chakwera described the signing ceremony with Bridgin Foundation as “an early Christmas present” for every Malawi. He also branded the grant further as “momentous and a game changer.”

    Speaking just before officially signing the historical grant, the President also recalls that since time immemorial, Malawi has never signed a development program of 6.8 billion dollars (an equivalent of K7 trillion) magnitude.

    The President also describes the signing ceremony as “not only the act kindness and generosity but also an act of trust.”

    With the signing of the grant, which will be implemented for a period of three to four years, President Chakwera says he is now vindicated on his dream of making Malawi a better place, as resources as now available for all flagship projects which he promised Malawians during campaign period.

    “It is a day of celebration for every Malawian who is active in the economy,” he proclaims.

    Meanwhile, the President has warned against all selfish and individual interests in the implementation of the grant, stressing that “time for side deals is over.”

    Finance Minister, Sosten Gwengwe, signing the deal on behalf of Malawi

    The Regional Universities Forum for Capacity Building in Agriculture (RUFORUM) Executive Secretary Prof.Adibala Ekwemu described the imminent signing of a USD$6.8 billion governance agreement with Bridgin Foundation as a victory not only for Malawi but also Africa as a whole.

    According to Ekwemu, the signing of the agreement is a product of two years of collaborative efforts and intense negotiations by a wide spectrum of stakeholders.

    In his remarks Minister of Finance Sosten Gwengwe said the investments are aimed at unlocking bottlenecks in our investments.

    Gwengwe said the financing is a game changer in financing different projects that have been stagnating.

    Bridging Foundation President Tanko Mauhamadou commended President Dr Lazarus Chakwera for the vision to develop this country. He said the Foundation is not in Malawi to support the country alone but the financing is also there to boost the western economy.

     

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