{"id":15980,"date":"2022-02-14T19:21:02","date_gmt":"2022-02-14T19:21:02","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement"},"modified":"2022-02-14T19:44:43","modified_gmt":"2022-02-14T19:44:43","slug":"malawi-african-development-fund-signs-k11-7-billion-grant-agreement","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement","title":{"rendered":"Malawi, African Development Fund signs K11.7 billion grant agreement"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>The African Development Fund (ADF) and the Government of Malawi have signed a $14.2 million (K11.7 billion) grant agreement for Malawi to undertake infrastructure upgrades and create a more efficient and transparent digital payment system.<\/p>\n

Funding for the Support for Digitalization, Financial Inclusion and Competitiveness (DFIC) project, approved last December, will be sourced from ADF, the Bank Group\u2019s concessional financing window.<\/p>\n

\u201cThe DFIC project is aligned with the Malawi Digital Economy Strategy (2021-2026) and the Third National Strategy for Financial Inclusion (2022-2026); both contribute to achieving Malawi\u2019s long-term objective of inclusive wealth creation supported by an inclusive financial system and digital economy,\u201d said Sosten Alfred Gwengwe, Malawi\u2019s Minister of Finance and Economic Affairs during a signing ceremony.<\/p>\n

The project will widen financial inclusion in the country, in particular to women, youth and rural dwellers. It will also allow for efficient business transactions, offering small businesses the opportunity to gain access to new national and international markets.<\/p>\n

The project is also expected to boost Malawi\u2019s domestic financial inclusion rate from 58% in 2019 to at least 65% in 2025. The GDP contribution of the ICT sector is expected to rise from 5.7% to 7% over the same period. Export volumes are expected rise to 35% of GDP from 31%, in line with the targets of the national export strategy. Currently, the total commitment in the African Development Bank\u2019s active portfolio in Malawi stands at about $327 million.<\/p>\n

Macmillan Anyanwu, The African Development Bank\u2019s Country Manager for Malawi, said the signing of the DFIC project grant agreement today was an important step towards promoting the use of electronic transactions in Malawi to increase access and use of affordable financial services, particularly, amongst women, youth, and rural dwellers.<\/p>\n

\u201cThe project will also enable more efficient business transactions, offering small businesses the opportunity to gain access to new markets,\u201d he said.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. The African Development Fund (ADF) and the Government of Malawi have signed a $14.2 million (K11.7 billion) grant agreement for Malawi to undertake infrastructure upgrades and create a more efficient and transparent digital payment system. Funding for the Support for Digitalization, Financial Inclusion and Competitiveness (DFIC) project, approved last December, will be […]<\/p>\n","protected":false},"author":84,"featured_media":15979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[367,233,371,1195,307,234,1027],"class_list":["post-15980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-africa","tag-africa-press","tag-africa-press-malawi","tag-banks","tag-economy","tag-malawi","tag-sosten-gwengwe"],"yoast_head":"\nMalawi, African Development Fund signs K11.7 billion grant agreement - Malawi<\/title>\n<meta name=\"description\" content=\"The African Development Fund (ADF) and the Government of Malawi have signed a $14.2 million (K11.7 billion) grant agreem ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi, African Development Fund signs K11.7 billion grant agreement\" \/>\n<meta property=\"og:description\" content=\"The African Development Fund (ADF) and the Government of Malawi have signed a $14.2 million (K11.7 billion) grant agreem ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-14T19:21:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-14T19:44:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2022\/02\/img-620ab0eebac63.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1401\" \/>\n\t<meta property=\"og:image:height\" content=\"993\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi, African Development Fund signs K11.7 billion grant agreement\",\"datePublished\":\"2022-02-14T19:21:02+00:00\",\"dateModified\":\"2022-02-14T19:44:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement\"},\"wordCount\":324,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2022\/02\/img-620ab0eebac63.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Malawi\",\"Banks\",\"economy\",\"Malawi\",\"Sosten Gwengwe\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-african-development-fund-signs-k11-7-billion-grant-agreement\",\"name\":\"Malawi, African Development Fund signs K11.7 billion grant agreement - 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