Minister of Finance, Economic Planning and Development Goodall Gondwe commended Parliament for the approval $50.9 million (about K20 billion) loan from the International Development Association (IDA) of the World Bank to increase access to higher education in Malawi.
Gondwe said this when he was winding up debate on the bill.
“The loan will facilitate the increase in enrolment and engendering of ODL programmes at Luanar, for example, as well as increasing intake with the aim of increasing access to employment-oriented people at Teveta, on the other hand.
“At The Polytechnic, the funds will introduce a new programme in sciences and engineering as well as four mining programmes, four technician diploma in engineering programmes and nine engineering programmes at master’s level.” said Gondwe.
The loan will target institutions like; University of Malawi (Unima) constituent colleges—Chancellor and The Polytechnic, the Lilongwe University of Agriculture and Natural Resources (Luanar). Mzuzu University (Mzuni) and Technical, Entrepreneurial and Vocational Education Training Authority (Teveta) will also benefit.
The loan will be repaid over 40 years inclusive of a 10-year grace period and has a 0.5 percent commitment charge and 0.75 service charge.