By Mercy Matonga
The M1 Road will get an additional €38 million loan from the European Investment Bank (EIB) after Parliament passed a bill authorising the Minister of Finance to secure the financing.
Yesterday, Finance Minister Joseph Mwanamvekha presented a bill to Parliament.
He said it would allow the government to get a loan from EIB to support the project.
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“The project is a multi-scheme road operation for the rehabilitation of about 347 kilometres (km) of the single-carriage M1 Road, with no changes to the existing alignment,” Mwanamvekha said.
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He also said the loan would support M1 Road Rehabilitation II C Project, which targets 347km of the road, a key section of the North-South Corridor linking Dar es Salaam in Tanzania to Durban in South Africa.
About 1,145km of the corridor run through Malawi.
He said the project covers five major sections— Karonga-Songwe, Kacheche-Chiweta, Jenda- Mzimba, Kasungu-Jenda, and Kamuzu International Airport-Kasungu. Works will include pavement reconstruction, road widening, drainage upgrades, bridge expansion and climate-resilient improvements.
Speaking to journalists after the meeting, Mwanamvekha said the government would make sure that the money serves the main purpose.
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“We have more loans coming our way but it is our responsibility to cut expenditure and ensure that we generate more revenue,” Mwanamvekha said.
On his part, main opposition Malawi Congress Party spokesperson on finance Peter Dimba said he was glad that there was progress made since the project started.
“We, as a party, are very supportive of the bill because we want to see the project concluded,” Dimba said.
On his part, UTM Member of Parliament Felix Njawala said the government should also look into the issue of debt sustainability.
