Government of Malawi has signed a US$6.8 billion (approximately K7 trillion) funding and governance agreement with the BRIDGIN Foundation to invest in various infrastructural projects over the next three to four years.
The projects are in health, education and the energy sector.
Speaking during the signing ceremony at Kamuzu Palace in Lilongwe on Monday, President Dr Lazarus Chakwera said what BRIDGIN Foundation has done is not just an act of kindness but also trust that his government means business for a better Malawi.
“This year, heaven has smiled on us by allowing Christmas to come early for our country. Never in the history of this nation has there been a developmental program as momentous as the one we are embarking on today,” he said.
The President expressed gratitude that the investment in the projects will not create any repayment obligation on Government’s part.
The revenue that BRIDGIN Foundation will generate from the investments will be invested back into projects that will contribute to meeting the United Nations Sustainable Development Goals (SDG).
“I expect the relevant Ministries to push all cylinders on the implementation, and if
anyone tries to look for ways of personally benefitting from these projects through corrupt means, I will deal with them,” said Chakwera.
Minister of Finance and Economic Affairs, Sosten Gwengwe, who signed the agreement on behalf of Malawi Government, described the agreement as a game changer in as far as infrastructure development is concerned.
The foundation has committed to invest mostly in universities such as Mmbelwa, Malawi University of Science and Technology (MUST), Mzuzu University, Lilongwe University of Agriculture and Natural Resources (LUANAR) among others.
“These are universities where knowledge is created and we see an acceleration of us achieving the Malawi 2063 much quicker than anticipated,” said Gwengwe.
President for BRIDGIN Foundation, Prof. Tanko Mauhamadou said the Foundation is trying to bridge the gap in finance between Africa and the West by having innovations and exploits in universities hence the grant to implement projects in countries such as Malawi.
The agreement has seven priority areas to be undertaken in various universities including the establishment of a fertilizer manufacturing technology at LUANAR to the tune of US$750 million and power generation facilities for production of 1000 megawatts at US$3.3 billion.
The mission of BRIDGIN Foundation is to contribute to the economic, social and industrial development of emerging countries by funding their priority projects and programmes.
