The Reserve Bank of Malawi (RBM) has disclosed that it has secured $60 million from the World Bank.
It says the funds would allow manufacturers to import raw materials for manufacturing products for both local and export markets.
RBM Deputy Governor Macdonald Mafuta Mwale disclosed this on Friday at the business roundtable hosted by Afrexim Bank at Bingu International Conference Centre in Lilongwe.
The roundtable focused on the strategic importance of export manufacturing as a driver of growth.
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“The $60 million dollars from the World Bank will remove hurdles that manufacturers face in accessing forex to import raw materials,” Mafuta Mwale said.
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Trade Minister Sosten Gwengwe has since expressed his commitment to helping manufacturers make locally made products competitive on the international market.
“Malawi has the potential for economic growth in the next three years,” Gwengwe said
Chief Executive of Standard Bank, Philip Madinga, highlighted how the private sector can support export manufacturing and unlock opportunities for Malawi, particularly in agriculture and tourism, aligning with Malawi’s vision, MW2063.
“Private sector engagement is crucial for driving growth and achieving our national vision. In my dual role as chief executive of a major financial institution and commissioner for the National Planning Commission, I am uniquely positioned to contribute to this goal. We, at Standard Bank, firmly believe in driving Malawi’s growth,” Madinga said
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He said to drive growth and enhance export manufacturing, private sector players must leverage public-private partnerships, especially for projects in special economic zones.
He said financing infrastructure projects in sectors such as transport, telecommunications and energy and strengthening trade finance to support exporters in managing risk and improving cash flows were a must.
The future of Malawi’s export manufacturing industry looks promising, as evidenced by the groundbreaking ceremony of Magwero Industrial Park.
