Africa-Press – Malawi. President Peter Mutharika has welcomed Standard Bank’s commitment to expand investments across Malawi’s key sectors.
Mutharika said he also wants the bank to invest in railways as part of the government’s efforts to transform the infrastructure sector.
Emphasizing a ‘win-win’ partnership with the private sector, Mutharika said the government wants to see more private sector-led initiatives to drive national development.
He made the remarks Friday at Sanjika Palace in Blantyre during a meeting with the bank’s officials.
“I would like to assure Standard Bank of the government’s support. My administration is keen to provide all the necessary assistance; we are very open to collaboration,” Mutharika said.
He outlined his administration’s priority projects, which include power generation, mining and mineral processing, agro-processing, and transport infrastructure.
Standard Bank Chief Executive Officer, Phillip Madinga, said the bank fully supports Mutharika’s economic recovery plan and is ready to provide support in the earmarked areas of MW2063 blueprint.
“As your partner in driving Malawi’s growth Standard Bank stands ready—as a financier, advisor, and execution partner—to support Malawi’s economic recovery and to help drive long‐term, inclusive growth,” Madinga said.
He said building on its 57-year history in Malawi, Standard Bank is well positioned to help the government achieve its ambitious national development targets despite prevailing global economic and geopolitical uncertainty caused by recent conflict in the Middle East.
He said the bank is ready to invest in rebuilding roads, boosting climate-smart agriculture and food security, unlocking mining potential and provide support the education and healthcare sectors.
According to Madinga, the bank’s assessment showed that over K4.24 trillion is needed to support the government’s recovery plans in the immediate to medium term.
From this total sum, investments in health and education claim the lion’s share at K2.3 trillion followed by agriculture at K900 billion, infrastructure K665 billion and mining and energy at K352 billion, he said.
“These figures underscore the scale of Malawi’s development ambition, and the absolute necessity to mobilise private capital alongside public funding,” he said.
He said the bank has a successful track record of mobilising capital and leading in advisory for national development.
He cited the bank’s recent role as lead financier of the six-lane SKC Highway in Lilongwe, the U$55 million Kapichira Hydro Power Station, facilitation of Nacala rail corridor rehabilitation, and recent progress in mining development agreements (MDAs) as some of the highlights of Standard Bank’s capability as a financial partner.
“As Standard Bank we are well positioned to play this role—through our balance sheet capability, structuring expertise, successful track record and regional and international networks,” he said.
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