The state President, Dr Lazarus McCarthy Chakwera said the heaven has smiled on us as the government has signed a mammoth a US$6.8 billion (approximately K7 trillion) funding and governance agreement with the BRIDGIN Foundation to invest in various infrastructural projects over the next three to four years.
Chakwera made the statement yesterday in Lilongwe at the Kamuzu Palace during the signing ceremony adding that the grant will help to uplight Malawi’s economy as they are racing towards MW2063 vision.
The funding is expected to be used to improve the health, education, construction works and energy sector.
An outline of some of the infrastructure projects under this agreement includes; Inkosi ya Makosi M’mbelwa University with high-tech Livestock Industrial Centre in Mzimba, Kamuzu University Teaching Hospital in Blantyre with satellites in Mangochi, Lilongwe and Mzuzu, High-tech Bio Science and Fertiliser Manufacturing Industrial Park at Lilongwe University of Agriculture and Natural Resources (Luanar), Mzuzu University Teaching, Learning and Research Facilities for geo-mining and the establishment of a business park, Malawi University of Science and Technology High-tech and Engineering hub, 25-storey Twin Towers at Capital Hill to provide office space for ministries, departments and agencies, Development of Power generation facilities with total installed capacity of 1000 megawatts and upgrading of the current electricity transmission infrastructure.
“This phenomenal and bold investment package is fully consistent with our development agenda informed by the Malawi Vision 2063,” said Chakwera. “This year, heaven has smiled on us by allowing Christmas to come early for our country. Never in the history of this nation has there been a developmental program as momentous as the one we are embarking on today.”
He said the revenue that BRIDGIN Foundation will generate from the investments will be invested back into projects that will contribute to meeting the United Nations Sustainable Development Goals (SDG).
“I expect the relevant Ministries to push all cylinders on the implementation, and if
anyone tries to look for ways of personally benefitting from these projects through corrupt means, I will deal with them,” said Chakwera.
Taking his part, Minister of Finance and Economic Affairs, Sosten Gwengwe said once the projects in which the funding will be injected, livelihood of the people of Malawi will be uplifted.
“The investments are specifically meant to unlock bold and once completed, this project will go long way in uplifting the livelihood of the people of Malawi.
“Following the signing of these agreements, BRIDGIN will open holding and operating accounts here in Malawi to undertake these projects.
“These are universities where knowledge is created and we see an acceleration of us achieving the Malawi 2063 much quicker than anticipated,” said Gwengwe.
President for BRIDGIN Foundation, Prof. Tanko Mauhamadou said the Foundation is trying to bridge the gap in finance between Africa and the West by having innovations and exploits in universities hence the grant to implement projects in countries such as Malawi.