Africa-Press – Malawi. The Organization of Petroleum Exporting Countries (OPEC) Fund for International Development has signed a $20 million loan agreement with Malawi towards the Mangochi-Makanjira road project.
The OPEC Fund approved $20 million for this project on December 10, 2024, focusing on transportation infrastructure.
This comes at a time when Malawi has already received $20 million loan from
the Abu Dhabi Fund for Development in the UAE providing the Mangochi-Makanjira road project.
The Mangochi-Makanjira road project aims at improving infrastructure in the region.
While on the same, Malawi Government has received $10million from the Kuwait fund contribution for Mangochi Makanjira.
Speaking during the cerermony , Minister of Finance and Economic Affairs, Simplex Chithyola Banda, who was flanked by Dr. Abdulhamid Alkhalifa, President of the OPEC Fund for International Development and Dr. Betchani Tchereni, Secretary to the Treasury said the signing of this agreement represents a key milestone in as far as rehabilitation of the very strategic Mangochi – Makanjira Road Project is concerned.
“As you are aware, Distinguished Guests, Ladies and Gentlemen, mobilization of resources for the project started a while ago. So far, the Saudi Fund for Development already committed USD20 million to the Project; the Kuwait Fund for Arab Economic Development has committed USD9.6 million; and the Government of Malawi is expected to contribute around USD28 million,” he said.
He said the main objective of the Project is to enhance trade, tourism, and transportation by constructing and rehabilitating the Mangochi-Makanjira (S129) road.
According to the Minister, the resources signed with the OPEC Fund will be used to upgrade the existing section of the road from Mangochi to Mwanjati (about thirty-six kilometres) from a single lane paved road to a full two lane bitumen paved standard road.
“Currently, this is an earth road, which is continuously deteriorating due to environmental factors and becomes very slippery in some sections during the rainy season. Upgrading this road promises improved safety for road users; transport efficiency; and reduced costs for both road users and the overall economy,” he said.
Chithyola said the Project is expected to bring several benefits to the area, including enhanced access to social infrastructure such as schools, and health centre
For More News And Analysis About Malawi Follow Africa-Press
