President Lazarus Chakwera left the country Sunday for Kenya, where he is expected to attend a Heads of State Summit organised by the World Bank’s International Development Association (IDA) aimed at building support for Africa’s economic development.
The summit comes at a time the local economy is said to be on the path to recovery, with gross domestic product growth forecast at 3.3 percent this year.
It also comes barely two days after the World Bank gave Malawi $57.6 million (K100.8 billion) to support millions of people severely affected by the ongoing food security crisis.
Speaking at Kamuzu International Airport before his departure, Chakwera expressed gratitude to the bank for “always being there to help Malawi” whenever the country is facing challenges.
“The other thing is that the World Bank is also helping us make strides in actual development issues that will make Malawi more resilient.
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“And, so, all of the development projects, particularly now to do with irrigation, for example, will be helping this country to produce more, add value more and develop more,” Chakwera said.
A media advisory from the World Bank says the IDA will be critical in efforts that advance fundamental needs such as energy, healthcare and infrastructure that are cornerstones of development.
During the summit, African leaders will explore how to maximise IDA’s impact during its current replenishment process, ensuring it receives the necessary support to effectively fuel investment at scale.
“Building a brighter future—and securing an ambitious IDA replenishment to get there—requires a united front.
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“The summit will witness the launch of a powerful coalition of partners: Civil society champions and private sector leaders—including Bridgewater Associates, Global Citizen, Jacobs Ladder Africa, One Campaign and others—will join hands with African governments,” the advisory reads.
Chakwera is expected back in Malawi this evening.
As of September 2021, the World Bank’s portfolio consisted of 21 IDA lending operations with a total of $1.99 billion in commitments.
The portfolio includes financing for programmes in agriculture and food, urban resilience and land, social protection and jobs, governance, basic service delivery as well as support in energy generation.
