Malawi secures $350 Million package second compact from MCC

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By Antony Isaiah Jr

The Government of Malawi has secured a $350 million which is equivalent to K350 billion package for its second Compact from the board of directors of the Millennium Challenge Corporation (MCC).

Making the announcement was the State President Dr Lazarus Chakwera through his Facebook page saying the official signing will take place in Washington DC next month.

In his quest to intensify Malawi’s ambitious nationwide program of building modern roads in both rural and urban areas, Chakwera said the Second Compact will go towards infrastructure projects.

The President said this will help to reduce the cost of transportation and help the smallholder farmers to grow as the linkages between farmers and markets will open, easing movement of profitable goods.

“This second compact will go towards infrastructure projects, thus intensifying our ambitious nationwide program of building modern roads, in both urban and rural areas, that will spur economic growth and reduce the cost of transporting goods and people for generations to come.

“As a result of this intervention, strategic linkages between farms and markets will finally open, easing the movement of profitable goods by our smallholder farmers,” said Chakwera.

He added that the official signing of the second compact next week will open opportunities for further investment into Malawi saying it will signal to those investors that Malawi has been inviting that the economy of Malawi is fertile ground for sowing seeds for the future.

“This will signal to those investors we have been inviting here that our economy is fertile ground for sowing seeds for the future and that our agro-industrialisation agenda will soon have the supporting roads to bring prosperity to rural farmers and other stakeholders along the Agriculture value chain,” added Chakwera.

He has described the efforts by Millennium Challenge Corporation and US government as supportive to Malawi’s vision 2063 of becoming a self-reliant and inclusively wealthy nation.

He thanked the partnership of MCC and US government in ensuring that Malawi is set up to succeed. He also thanked all members of Team Malawi whose hard work has accomplished the feat of securing the compact.

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