Malopa says investors ready to fund  K1.8 trillion Cape Maclear Initiative

Former presidential aide Bright Malopa has said investors have been beckoned to pump up to 40 percent for the $2.6 billion (K1.8 trillion)  Cape Maclear Initiative (CMI).

Malopa is a project promoter for CMI venture consisting three projects conceived and pursued by Cape Maclear Hotel and Golf Resort  Limited.

He is quoted in the local press saying the project has  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.

Accoridng to Malopa, Nico Holdings Limited and conglomerate Press Corporation Limited (PCL)  are also in the loop and discussions are at an advanced stage.

“The  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,” Malopa is quoted by The Nation.

According to what Malopa told the paper,  CMI is exploring possibilities of empowering locals with the help of United States Agency for International Development (USaid) to invest in fish farming to supply the resort and other external markets.

CMI is an ambitious project that could change the face of Monkey Bay and turn it into a mini city, according to unnamed tourism experts cited by The Nation.