Malawi’s private sector may benefit up to $1 billion (about K740 billion) financing opportunity from a firm based in the United States.

The firm, known as Overseas Private Investment Corporation (Opic) recently held discussions with the Reserve Bank of Malawi (RBM) and other officials on the implementation of 30 megawatts (MW) solar project in Nkhotakota. During the meeting, Opic managing director Nancy Rivera said Opic is delighted to provide finance to the Nkhotakota Power Project to contribute to solving the country’s power challenge.

Rivera said the $1 billion private sector financing opportunity follows after noting that Malawi on the route to expanding the private sector growth, but insufficient power has been hampering investment; hence, the interest in energy, banking and infrastructure development, among others.