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Malawi signs USD 160 million financing agreements with Word Bank

The government of Malawi has signed financing agreements aimed to enhance the Shire Valley Transformation Programme and Agriculture Commercialization Project in the country.

Speaking during the signing ceremony on Friday at the Ministry of Finance offices, Capital Hill in Lilongwe, World Bank country director for Tanzania, Malawi, Burundi and Somalia, Miss Bella Bird said their organization is committed to help boost various sectors of agriculture in African countries.

“Word Bank is passionate about increasing the diversity of products and financing in agricultural sectors in Africa including Malawi,” said Bird.

She added that, World Bank is focused to extend irrigation farming in order to raise productivity among small scale farmers in Shire Valley.

According to Bird, the World Bank has budgeted USD160 million for the government of Malawi to help support Shire Valley transformation program and agricultural commercialization project.

“We have put a lot of money aside to be used for the two major projects and this is the latest project that World Bank has ever prepared in Malawi for the first time,” she explained.

She said 300 farming cooperatives in the country will benefit with the project noting that this would ease access to international markets by the farmers in the country. She further applauded the country’s leadership for introducing the two projects.

Speaking at the same event, the Minister of Finance, Economic Planning and Development, Goodall Gondwe thanked World Bank for helping the country in the transformation and commercialization projects.

“World Bank has done a great thing as the government of Malawi is working on transforming projects in different sectors in the country,” said Gondwe.

He said this would help bring more agricultural factories in the country which will subsequently help create more job opportunities for the youth.

He also said the factories would help add value to the agricultural produce through the manufacture of cooking oil and peanut butter among others.

Gondwe urged the general public to join hands in order to bring the two programs to fruition.

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