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AfDB approves grants worth US$9 million for Malawi

AfDBs funds will be directed towards restoring macroeconomic stability and enhancing public finance management in Malawi. (Image source: khym54/Flickr)

The African Development Bank (AfDB) has approved two grants for Malawi worth US$9mn for budgetary support and a hydroelectric power plant feasibility study

Of the US$9mn, the US$6mn Crisis Response Budgetary Support will follow an initial US$39mn provided in July 2012 to support Malawi’s reforms aimed at restoring macroeconomic stability and enhancing public finance management, as well as support social protection measures.

The Kholombidzo Hydroelectric Power Plant Feasibility Study grant amounting to US$3mn will be used to produce a full feasibility study for the future development of the Kholombidzo power generation plant to contribute to the expansion of electricity generating capacity in Malawi.

Speaking during the signing ceremony, the bank’s resident representative in Malawi, Andrew Mwaba said that AfDB was encouraged by the Malawi government’s renewed commitment and determination in undertaking bold macroeconomic reforms, which were beginning to yield some positive gains as evidenced by fuel and foreign exchange availability on the market.

On support for the hydro power study, he pointed out that the bank group will be contributing to facilitate investment in the energy sector needed to support private sector investment and economic growth.

For his part, the minister of finance Ken Lipenga thanked the bank for the support it is providing to Malawi.

He said that the budgetary support will bridge the financing gap in the current fiscal year, provide resources for safety nets and help in increasing the foreign exchange reserves for the country.

Considering the demand for power surpasses its supply, the minister noted that the hydro study will help in exploring opportunities for improving Malawi’s power generation capacity.

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