The Tunis-based African Development Bank (AfDB) Group Board of Directors has approved a new country strategy paper (CSP) for Malawi covering the period 2013 to 2017.
The approval of a new strategy follows the expiry, last year of an interim strategy that was approved in May 2011.
Following the approval of the new plan, the bank intends to provide concessional loan and grant resources to Malawi amounting to $400 million, covering three African Development Fund (AfDF) cycles between 2013 and 2017.
AfDB country representative, Andrew Mwaba, said in an interview last weekend that the new strategy is designed to support the Malawi’s Growth and Development Strategy MGDS phase II covering the period 2011 to 2016, and the Economic Recovery Plan (ERP) as well as the accompanying National Export Strategy (NES).
“It [the new strategy] also reflects the priorities of the AfDB’s long term strategy in regional member countries and other policy frameworks including the Southern Africa Regional Integration Strategy and the Private Sector Development Policy,” said Mwaba.
He also said the bank’s strategy has come at an opportune time when Malawi is also implementing various economic reforms, which aims to stabilise the ailing economy dogged by high interest rates, high inflation rates, among other indicators.
Mwaba also said the new CSP for Malawi seeks to foster inclusive economic growth by addressing the country’s infrastructure bottlenecks and improving competitiveness with the aim of enhancing private sector investment and trade, and also promoting better economic governance.