World Bank Approves US$400 Development Packagè For Malawi

The board of the World Bank has approved over US$400 million (K326.2 billion) for the development of Malawi.

Minister of Finance, Sosten Gwengwe, confirmed the development to Malawi Daily Telegraph adding that some of the money, US$60 million (K49 billion) will be allocated to EGENCO to restore Kapichira Hydro Power Station.

Malawi lost 130 megawatts after in national grid having completely shut down Kapichila Hydro Power Station due to the destructive Tropical Storm, Ana.

Finance minister says the bank has approved US$185 million (K150.8 billion) for Social Support for Resilient Livelihood Programme.

He further stated that the bank has also committed US$30 million (K24.4 billion) for the Africa Centre of Excellence, as well as US$134 million (K109.2 billion) for the Shire Valley Transformation Project.

Current commitments from the World Bank have just exceeded over US$400 million for this financial year, conveying significant support and confidence in the development of Malawi.