Peter Mutharika committed to economic transformation
President Peter Mutharika has said he is committed to transforming the country’s economy.
He was speaking at Kamuzu Palace in Lilongwe on Friday night during an audience with African Export– Import Bank (Afreximbank) President, Benedict Oramah and Orascom Development Chairperson, Samih Sawiris.
Orama was in the country to follow up on the $1.5 billion investment commitment his bank signed with Malawi last year.
Among others, Afreximbank committed to develop a tourism hub at Nankumba Peninsula in Mangochi District which would have accommodation facilities and a five star hotel.
In addition, Afreximbank also committed to develop two industrial parks, one in Blantyre and the other in Lilongwe, in addition to a dry port at Liwonde.
“We want to emphasise that Malawi is ready to manufacture various products such as textiles. In this way we will make Malawi a producing and exporting country,” Mutharika said.
Oramah said his bank has so far approved financing of about $800 million.
He said the bank has started working on the investment projects that were identified when it brought a group of investors last year.
On his part, Sawiris said he is confident that his firm will be able to develop a masterplan of the Nankhumba Project and promote it to investors across the world.
Afreximbank, is a pan- African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank. It is headquartered in Cairo, Egypt.
Afreximbank’s vision is to be the trade finance bank for Africa.
