By Chisomo Phiri
The U.S. government, through the United States Agency for International Development (USAID), has on Wednesday evening announced the launch of a new $40 million (about K46.4 billion) project that will work with anchor firms to expand centers of economic opportunity (Growth Poles) in the country.
The project, meant for smallholder farmers, youth, and women, is expected to help approximately 500 000 Malawians increase and diversify their income sources.
A statement from the US Embassy in Lilongwe says the five-year Growth Poles Project will be implemented by Palladium and will leverage $500 million (about K580 billion) in private sector investments.
“These new partnerships are designed to improve food security and bolster exports from Malawi. Through the new project, USAID will team up with key firms in rural areas that serve as engines of economic growth to mobilize responsible business investments and deliver positive benefits for surrounding communities.
“Additionally, by employing climate-smart natural resource management, these partnerships will protect 150,000 hectares of land from deforestation or soil degradation,” reads the statement in part.