By Dorica Mtenje
LILONGWE-(MaraviPost)-Malawi Parliament passed Shire Valley Transformation Program-Phase 2 Loan Authorisation Bill to allow Government to borrow MK140 billion from the International Development Association of the World Bank.
Minister of Finance, Sosten Gwengwe revealed this in the August house on Tuesday, July 26, 2022.
Gwengwe said the repayment period for the loan is 32 years and attracts an interest rate of 0.75 percent.
The Minister said the value of the loan is as same as a gift as it’s interest is as the same as giving out nothing.
He said the loan will help the country to improve the Hydro power project which will boost up the electricity power supply in the country.
Meanwhile the country still experiencing frequent blackouts due to the destruction of Kapichira Hydro power station which lost 130 megawatts due to cyclone ANA.
