The African Development Bank (AfDB) Group on Tuesday broke sweet news to Malawi when it announced an increase in its portfolio of development support from about K208 billion ($310 million) to K388.4 billion ($578 million).
AfDB Group president Akinwumi Adesina made the revelation at Sanjika Palace in Blantyre when his eight-member delegation held an audience with President Peter Mutharika.
The AfDB president said he was excited with the programmes Malawi has put in place to deal with its current situation.
He assured Mutharika that AfDB will strongly support the efforts.
Said Adesina: “Currently, we have a portfolio of about $310 million in the country which covers different sectors. But between 2016 and 2017, the African Development Bank will increase this current level of support to $578 million.”
He said the support will cover the sectors of energy, agriculture, water and sanitation and transport as well as science and technology sector in terms of human capital development.
In addition, Adesina said his financial institution will also provide a total support of an extra $35 million (about K23.5 billion) to help allow the country deal with the current food situation of which $1 million (about K672 million) will be in emergency facilities.
On his part, Mutharika said the AfDB remains one of the most important development partners for Malawi.
The relationship between Malawi and AfDB dates back to 1969 and since then the country has received a portfolio of about $1.3 billion (about K.7 trillion) in development projects. n