The Cape Maclear Initiative (CMI) has said investors have shown interest to fund part of the project, which if done may change the face of the area.
CMI is a $2.6 billion (K1.8 trillion) venture consisting three projects conceived and pursued by Cape Maclear Hotel and Golf Resort Limited, according to project promoter Bright Malopa.
He said they have already identified sponsors, including NEO Energy Asia, China Harbour Engineering from China, Al Manhal International Group from Abu Dhabi in United Arab Emirates (UAE) and AE7 Group of Companies as project finance and development managers.
Malopa said their discussions with listed financial services group Nico Holdings Limited and conglomerate Press Corporation Limited (PCL) are at an advanced stage.
He said: ‘The investors are ready to pump into this project between 30 percent and 40 percent of the total project cost whereas the rest will be debt from PTA Bank, African Development Bank (AfDB), Afrexim, KFW and HSBC and hedge funds from Switzerland subject to clear position on Mangochi Airport.”
Malopa said the roll out date is tied to certain concessions which government has to make.
He said CMI is exploring possibilities of empowering locals with the help of United States Agency for International Development (USaid) to invest in fish farming to supply the resort and other external markets.
Malawi Investment Trade Centre (Mitc) public relations manager Deliby Chimbalu said in an interview last week the CMI is one of the projects in the updated projects compendium because the project promoter has found some financiers.
“We know the promoter has found some financiers, but since this is a huge project and there is need for more investors to come on board, we have included it in the upcoming compendium.
“If this project is completed, our tourism sector will not be the same,” she said.
Tourism experts say this is an ambitious project that could change the face of Monkey Bay and turn it into a mini city.