By Chisomo Phiri
BLANTYRE-(MaraviPost)-Barely few days after the World Bank through International Development Association (IDA) approved the US$66 million (MK66 billion) loan facility to the Malawi Government for the Emergency Power Restoration Project, the International Bank has now made another approval of US$134 million loan facility to the government.
The amount which is approximately MK134 billion is expected to be used in the implementation works of the Shire Valley Transformation Programme second phase.
The loan which has a six-year grace period, has a final maturity of 38 years.
The objectives of the Shire Valley Transformation Programm second phase is to provide irrigated commercial agriculture and strengthen the management of natural resources in the program area.
The programme is said to be the second of a series of projects to support a 14-year program.
It aims to provide irrigation to over 43,000 ha through the phased construction of a new gravity-fed irrigation scheme.
Specifically, the project will among other things help in expanding irrigation and drainage infrastructure development, complete land tenure formalization and strengthen district land administration and planning institutions, improve natural resources management and lastly, develop the irrigation area for agricultural modernization and commercialization, including private sector and value chain support.
Meanwhile, the World Bank says it remains committed in seeing this project get implemented.