{"id":43839,"date":"2023-03-31T19:12:15","date_gmt":"2023-03-31T19:12:15","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/?p=43839"},"modified":"2023-03-31T08:12:20","modified_gmt":"2023-03-31T08:12:20","slug":"malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement","title":{"rendered":"Malawi Govt lauds Standard Bank on Lilongwe\u2019s transport network improvement"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>The Minister of Finance Sosten Gwengwe has hailed Standard Bank Plc for leading the private sector to facilitate economic transformation through financing of Malawi\u2019s transport and infrastructure.<\/p>\n

The Minister was speaking on Thursday night, February 9, 2023 in the capital Lilongwe at the official signing ceremony of the MK 34.5 billion Kenyatta Drive and Mzimba Street Road rehabilitation project.<\/p>\n

The agreement binds the Roads Fund Administration (RFA) as project implementer and Standard Bank Plc as the lead financier and joint arranger, Old Mutual as co-financier and joint arranger and Continental Asset Management as co-financier.<\/p>\n

\u201cThe Government of Malawi would like to recognize Standard Bank, Old Mutual and Continental Asset Management, in their respective rights as co-financiers, for financing Malawi\u2019s development agenda. The upgrade of the Kenyatta Drive and Mzimba Street is a fulfillment of the MW 2063 Pillars 9 and 2 , which state that Malawi will build resilient infrastructure, promote sustainable industrialisaton, promote innovation as well as develop low cost and competitive transport systems across all modes.<\/p>\n

\u201cCompletion of the upgrades will lead to the decongesting of traffic and accelerate movement of people and goods in Malawi\u2019s administrative capital,\u201d he said.<\/p>\n

The financial agreement clears the way to accelerate substantive construction works for the road, which will become Malawi\u2019s first six-lane road. Preparatory and other ground-breaking works for the project begun in 2021.<\/p>\n

\u201cAs government, we value the role private sector plays in this economy and we will therefore continue to create an enabling environment to ensure that our private sector fully engages itself in the economic development of the country.<\/p>\n

\u201cThis financing partnership between the RFA and the consortium of financiers, would not have materialized if the environment was not enabling enough for the private sector to participate. Let me encourage other private sector players to emulate what the consortium of financiers have done,\u201d said Gwengwe. As Joint Lead Arranger, Standard Bank Malawi raised MK21 billion for the road construction.<\/p>\n

Phillip Madinga, Standard Bank Plc Chief Executive said: \u201cOur capability to finance a project of this stature highlights Standard Bank\u2019s commitment to contribute to economic growth in line with our purpose which is \u201cMalawi is Our Home, We Drive her Growth. The Bank has a desire to see the country achieve remarkable progress in key sectors such as roads and infrastructure.\u201d<\/p>\n

Old Mutual will contribute MWK11 billion and Continental Asset Management will contribute MWK2.5 billion towards the project. Old Mutual Group CEO Edith Jiya said the investment and asset management firm shares the passion for the country to achieve sustainable economic growth and reduce poverty through infrastructure development as is case with the Kenyatta Drive.<\/p>\n

\u201cWe take pride to be associated with projects that improve Malawi\u2019s transport networks, leading to better interconnection of our cities and direct positive impact to our customers and our nation,\u201d she said.<\/p>\n

Continental Asset Management Chief Executive Officer Gillian Kachikondo said the fund management firm has participated in the financing agreement on behalf of various pension funds under its care.<\/p>\n

\u201cContinental Asset Management is very excited to be part of this progressive project, which is expected to transform the city\u2019s outlook and foster increased economic activity in line with Malawi Vision 2063,\u201d she said.<\/p>\n

RFA Chairman Matthews Chikankheni said the financing agreement demonstrates that it is possible for Malawi to undertake large and transformative infrastructure projects through public and private partnership.<\/p>\n

\u201cIt would not have been possible for the RFA to raise this amount of resources from its internal sources without negatively affecting some of its other road works financing needs,\u201d he said. RFA will repay the funds over a 15-year period.<\/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 Minister of Finance Sosten Gwengwe has hailed Standard Bank Plc for leading the private sector to facilitate economic transformation through financing of Malawi\u2019s transport and infrastructure. The Minister was speaking on Thursday night, February 9, 2023 in the capital Lilongwe at the official signing ceremony of the MK 34.5 billion Kenyatta […]<\/p>\n","protected":false},"author":84,"featured_media":43838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,410],"tags":[233,371,234],"class_list":["post-43839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nMalawi Govt lauds Standard Bank on Lilongwe\u2019s transport network improvement - Malawi<\/title>\n<meta name=\"description\" content=\"The Minister of Finance Sosten Gwengwe has hailed Standard Bank Plc for leading the private sector to facilitate economi ...\" \/>\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-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi Govt lauds Standard Bank on Lilongwe\u2019s transport network improvement\" \/>\n<meta property=\"og:description\" content=\"The Minister of Finance Sosten Gwengwe has hailed Standard Bank Plc for leading the private sector to facilitate economi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement\" \/>\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=\"2023-03-31T19:12:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/03\/postQueueImg_1680201493.63.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\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=\"3 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-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi Govt lauds Standard Bank on Lilongwe\u2019s transport network improvement\",\"datePublished\":\"2023-03-31T19:12:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement\"},\"wordCount\":620,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/03\/postQueueImg_1680201493.63.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-govt-lauds-standard-bank-on-lilongwes-transport-network-improvement\",\"name\":\"Malawi Govt lauds Standard Bank on Lilongwe\u2019s transport network improvement - 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