Malawi’s Finance Minister, Simplex Chithyola Banda, is seeking increased support from the African Development Bank (AfDB) to expedite various developmental projects.
Chithyola Banda said Malawi faces challenges in accessing substantial funds from the AfDB due to being classified as a risky economy.
At the ongoing AfDB annual meeting in Nairobi which started today, Banda emphasized the need for more funding in agriculture, tourism, mining, energy, climate financing, water and sanitation.
He highlighted Malawi’s funding deficits which hinder economic growth.
Bertha Phiri, Executive Director of the Malawi Economic Justice Network, supports the government’s efforts to secure more aid, noting that addressing financial gaps in the national budget is crucial for economic progress.
Recently, the AfDB granted Malawi $23 million to bolster the agriculture sector. The continent, struggling to meet the Sustainable Development Goals (SDGs) by 2030, requires $1.3 trillion annually.
It is said that the SDG financing gap for Africa could reach $19.5 trillion by 2030.
By Mirriam Kaliza
