Malopa seeks partners in $2.6bn Cape Maclear Project

An ambitious Cape Maclear  project in lakeshore district of Mangochi that could change the face of Monkey Bay and turn it into a mini city is still seeking investors to fund part of the $2.6 billion (K1.9 trillion) project, its promoter Bright Malopa has said.

Malopa: Project cordinator for $2.6bn Cape Maclear Initiative

Malopa, who is an employee of Malawi Communications Regulatory Authority (Macra), last year said 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, the local press quoted Malopa on Monday saying they are still looking for 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.

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Nankumba Phiri
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Good toll roads are needed going towards mangochi. Moyenda mbewa muja can not attract investors.

Dipipi wa Yudiefu
Guest
Dipipi wa Yudiefu

These are good ideas. The problem is that such projects are usually borne out of a few individuals to steal either directly from government or through unsuspecting donors or contractors. Huge and expensive projects must be borne out of a national plan agreed by all Malawians through proper and agreed institutions so that whichever party that comes into power continues with them. Projects that take longer than a party term in government are a waste of money in this country. Infact, are a source of money for crooks. We are not surprised why all the crooks we know in this… Read more »

Alex
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Alex

You are right. I dint know why Bingu sold I country to th3 CHINESE and cut diplomatic for with Taiwan. THAT WAS STUPID AND SHORT SIGHTED. ALL SO “CHEAP MONEY ” WHAT FOOLS OF LEADERS

Panganani
Guest

Nanga munaba nda mbuyako zija zipita kuti?

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