By Cedric Nkungula
Africa Export – Import (AFREXIM) Bank has committed to release $700 million, about K755.4 billion, to the Chakwera lead administration meant for the construction of Industrial parks in the cities of Blantyre and Lilongwe.
President of AFREXIM Bank Dr Benedict Oramah, disclosed the news during an audience with President Dr. Lazarus Chakwera in New York, United States of America where the Malawi leader is attending the 78th Session of the United Nations General Assembly (UNGA) Conference.
State broadcaster Malawi Broadcasting Corporation (MBC) reports that Oranah also disclosed that the bank will support Malawi’s mega farms initiative which he said has the potential to make Malawi Africa’s food basket.
According to MBC, the AFREXIM Bank president congratulated 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.