SADC, ADB Mobilise finance to improve regional infrastructure


The Southern Africa Development Community, SADC and African Development Bank, ADB are jointly working at mobilising finances with the aim of improving the regional infrastructure and connectivity.

Minister of Finance in the country, Sosten Gwengwe said the move is to ensure that integrity is promoted among the regional members.

He was speaking at the end of the SADC ministers of finance and investment review meeting in Lilongwe.

In his capacity as the SADC minister of finance chairperson, Gwengwe said African Development Bank has an ongoing portfolio for the SADC region consisting of 210 operations with a total commitment valued at K11 trillion.

He singled out that the plans are in place to support a project worthy of K176 billion to rehabilitate 160 kilometres of M5 road and 64 kilometres of road in Northern Mocambique to ease the movement of goods.

“We wanted to find out how regional connectivity can be enhanced. We have projects that will see Zambia, Malawi, and Tanzania well connected.

” We also have the corridor that connects Mozambique, Malawi and Zambia. African Development Bank has technically approved the assistance to Malawi to be able to rehabilitate the stretch for Benga to Dwangwa and we are just waiting for their board which sits in September, this year,” said Gwengwe.

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