The Africa Export-Import (AFREXIM) Bank says it is ready to release $700 million (approximately K755.4 billion) for the construction of Industrial parks in Lilongwe and Blantyre.
President of AFREXIM Bank, Dr Benedict Oramah, disclosed this after having an audience with President Dr Lazarus Chakwera in New York where the Malawi leader is attending the 78th Session of the United Nations General Assembly.
He then disclosed that the bank will support Malawi’s mega-farms initiative which he said has the potential to make Malawi Africa’s food basket.
Dr Oramah congratulated President Chakwera and his government for fulfilling all requirements of the International Monetary Fund (IMF) saying these are the right steps towards reclaiming the Extended Credit Facility (ECF).
He said the development means more multilateral and bilateral donors will now have confidence in the Malawi Government and resume budgetary support.
Reported by Blessings Kanache in New York, USA.