Tuesday, September 27News That Matters

World Bank Approves US$ 400 To Malawi

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The board of the World Bank has approved over US$400 million (K326.2 billion) for the development of the country.

Minister of Finance Hon Sosten Alfred Gwengwe MP confirmed the development adding that some of the money, US$60 million (K49 billion) will be allocated to EGENCO to restore Kapichira Hydro Power Station.

Malawi lost 130 megawatts after it was shut completely following Tropical Storm Ana.

Hon Gwengwe said the bank has approved US$185 million (K150.8 billion) for Social Support for Resilient Livelihood Programme.

The bank has also committed US$30 million (K24.4 billion) for the Africa Centre of Excellence, as well as US$134 million (K109.2 billion) for the Shire Valley Transformation Project.

Current commitments from the World Bank have just exceeded over US$400 million for this financial year, conveying significant support and confidence in the development of Malawi.

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