Promoter of an ambitious Cape Maclear the $2.6 billion (K1.9 trillion) project in lakeshore district of Mangochi, Bright Malopa, attended the UK-Africa investment summit seeking to attract more investors to project that could change the face of Monkey Bay and turn it into a mini city.
Malopa, who is an employee of Malawi Communications Regulatory Authority (Macra), is on rcord saying investors have shown interest to fund part of the venture consisting three projects conceived and pursued by Cape Maclear Hotel and Golf Resort Limited.
He is on record saying they have already identified sponsors, including NEO Energy Asia, China Harbour Engineering from China, Al Manhal International Group from Abu Dhabi in United Arab Emirates (UAE) and AE7 Group of Companies as project finance and development managers.
However, Malopa has been taking on social media photos of his meetings in London where he has been beckoning investors to fund part of the tourism project.
“Cape Maclear Resort Project will consist $750 million [K549 billion] touristic, leisure and residential project featuring five hotels, 700 serviced residences, a signature golf club and golf course, tennis academy, a marina, an aqua park, an aquarium, a cultural village and a major events arena. We want to have this project take off,” said Malopa.
According to Malopa, investors are ready to pump into this project between 30 percent and 40 percent of the total project cost whereas the rest will be debt from PTA Bank, African Development Bank (AfDB), Afrexim, KFW and HSBC and hedge funds from Switzerland subject to clear position on Mangochi Airport.
Malawi Investment Trade Centre (Mitc) said Cape Maclear Initiative is one of the projects in the compendium that country took to the London summit.Follow and Subscribe Nyasa TV :