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Finance minister Sosten Gwengwe says grant money to be invested in various projects

The Minister of Finance and Economic Affairs Sosten Gwengwe has said the $6.8 billion grant, approximately K7 trillion will be invested in various projects across all sectors.

The minister said this yesterday during the signing ceremony of the grant money that took place at Kamuzu Palace in Lilongwe where President Lazarus Chakwera signed a funding of $6.8 billion of governance agreement between Malawi and Belgium based Bridging Foundation.

According to Gwengwe, the funds will be used in sectors like Health, education and energy to overcome economic challenges in the country.

He said there are seven important projects which will be undertaken in various sectors which include the construction, equipping and full operationalization of hi-tech Kamuzu University teaching hospital in 3 cities worth $1 billion, construction of Inkosi Yama Kosi Mbelwa Univerisity worth $480 million, construction of bio science and fertilizer manufacturing industrial park  at Lilongwe University of Agriculture  and Natural Resources (LUANAR) which will cost $750 million and development of power generation facilities for production of 1000 megawatts at a cost of $3.3 billion.

In his remarks, President Lazarus Chakwera said the country will benefit from the projects and Malawi will not be required to repay the grant.

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3 COMMENTS

  1. The finance minister, Sosten Gwengwe, has said that grant money will be invested in various projects and programs to help alleviate poverty and improve the livelihood of people in the country. The amount of grant money will be increased to $1 billion from $800 million over the next three years. I would like to visit https://www.rushessay.com/fast-essay-writing.php website for help in my essay. The grant money will be used for training and employment programs, among other things.

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