Sunday, May 26, 2024

Pres. Chakwera Returns from Saudi-Arabia and Egypt Tour; Inks Makanjira Road Deal and 2 billion kwacha Development Package

Chakwera has left Egypt

President Dr Lazarus Chakwera has concluded his successful tour in Egypt and is on his way back to Malawi. During his visit to Egypt, President Chakwera participated in this year’s Intra Africa Trade Fair. He was seen off at Cairo International Airport by Minister of Trade, Sosten Gwengwe, Malawi’s Ambassador to Egypt, Catherine Kunje, and Egyptian Government officials.

The President’s visit to Egypt followed his attendance at the Saudi-Africa Summit in Saudi Arabia, where he signed an agreement for the construction of the long-awaited Mangochi-Makanjira Road. Additionally, in Egypt, President Chakwera secured a development package of 2 billion kwacha from the Cairo-based Afreximbank. This financial support aims to enhance value addition to Malawi’s exports, generating much-needed foreign currency.

President Chakwera announced that part of the resources from the Afreximbank partnership will be allocated to the Mega Farms initiative established by the government across the country. The funds will also be directed towards the creation of industrial parks, aligning with the goals of Malawi 2063 to become a self-reliant, wealthy, and industrialized nation.

AFREXIM Bank President, Professor Benedict Orama, expressed the bank’s readiness to assist Malawi in addressing its foreign exchange challenges in the short, medium, and long term. The $2 billion facility will benefit Malawi and four other countries, namely Chad, Zimbabwe, Botswana, and Egypt. Its primary objectives include enhancing agricultural production, promoting value addition, and boosting exports to the international market.

Editor In-Chief
the authorEditor In-Chief