African Export-Import Bank (Afreximbank) has pledged to financially support the country’s aspirations of mega farms and industrial parks.
The development comes at a time some stakeholders have been querying the government for delays in implementing the mega farms initiative.
Government sources have told us that Afreximbank President and Board Chairperson Benedict Oramah made the remarks when he had an engagement with President Lazarus Chakwera on Saturday on the sidelines of the United Nations General Assembly (Unga) in New York, the United States.
During their meeting, Oramah assured Malawi of the bank’s commitment to financing the development of mega farms and industrial parks.
Oramah said discussions have progressed significantly, paving the way for the commencement of implementation of activities.
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“My team will soon be arriving in Malawi to engage in further discussions, especially regarding the signing of the framework agreement,” Oramah said.
Chakwera expressed his government’s commitment to resolving any impediment to ensure smooth implementation of mega farms and industrial parks, starting with Matindi in Blantyre and Area 55 in Lilongwe
He further appealed to Afreximbank to continue supporting Malawi’s ongoing endeavours, particularly in discussions around debt treatment that would contribute significantly to Malawi’s debt sustainability.
A statement from Presidential Secretary Anthony Kasunda indicates that the Malawi leader expressed appreciation to Afreximbank for its instrumental support in aiding Malawi’s successful attainment of the Staff- Level Agreement with the International Monetary Fund (IMF).
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Chakwera acknowledged Afreximbank’s unwavering commitment to Malawi, which played a significant role in securing the Staff-Level Agreement with the international lending institution.
“Our concerted efforts to stabilise the economy and lay the groundwork for inclusive and sustainable growth have started yielding positive results, with macroeconomic fundamentals showing improvement,” Chakwera said.
The Staff-Level Agreement reached on the Second Review of the Staff Monitored Programme with Executive Board involvement, alongside a new 48-month financing arrangement under the ECF, represents a significant milestone in Malawi’s economic journey.
