Minister of Finance, Economic Planning and Development Joseph Mwanamvekha has signed an agreement with African Development Bank (AfDB) concerning the bank’s commitment of $36.7 million (about K27 billion) towards the Multinational Nacala Road Corridor Development Project phase five.
The $36.7 million comes as part of the $50 million (K37 billion) concessional loan for road, fisheries and aquaculture projects, while the remaining $13.3 million (about K9.8 billion) is for Sustainable Fisheries, Aquaculture Development and Watershed Management Project.
According to Mwanamvekha, there will be transparency and accountability when using the loan. AfDB acting director general for Southern Africa Region Development and Business Delivery Service Josephine Ngure was excited about the project, as its objective is to improve transportation along the Nacala Road Corridor and to provide a cheaper alternative sea port, in this case port of Nacala [in Mozambique], for Malawi and for countries North of Malawi, namely Zambia and Southern part of Democratic Republic of Congo.
On the other Ngure also said that AfDB is considering financially supporting the 2019/20 budget, as a team from the bank will come and discuss the matter with Treasury, in two weeks.