Mutharika clinches energy deal in UK for Malawi
Malawi’s efforts to eradicate power challenges continue to bear fruits following the signing of an energy deal by government with a UK company on Tuesday in London.
President Peter Mutharika clinched the energy deal with UK’s Private Infrastructure Development Group (PIDG).
PIDG aims to complement Malawi’s continued efforts in bringing reliable electricity to rural communities.
According to the Malawi President, the deal will help in combating poverty in rural areas as it will lay the foundation for economic growth and improvement in people’s lives.
Briefing the media after the meeting with President Mutharika, PIDG chairperson MAndrew Bainbridge and its Chief Executive Officer Phillippe Valahu said their team will be coming to Malawi soon to start implementing the project.
Sustainable energy is fundamental to progress and remains a key priority to promote social and economic growth.
The deal was clinched after President Mutharika courted the investors while attending the UK-Africa Investment Summit.
During the first-ever UK-Africa Investment Summit , Prime Minister Boris Johnson, declared Britain “the investment partner of choice” for Africa.
Johnson said that Britain would no longer back coal mining or coal-fired power stations abroad, including in Africa. Instead, it would use the financial firepower of the City of London and what he described as Britain’s world-class green technology industry to spearhead innovation and job-creation on the continent.
“Not another penny of UK taxpayers’ money will be directly invested in digging up coal or burning it for electricity,” he said, adding that Britain could not “trundle over to Africa and line our pockets” by encouraging technology it no longer supported at home.
Akinwumi Adesina, president of the African Development Bank, said that Mr Johnson’s announcement on coal was in line with the bank’s own thinking.
“I do not invest in coal. Coal is the past, it’s not the future,” he said. “It is in Africa’s interest to have an endogenous process of growth that is green.”
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I have worked on similar initiatives in the past. Usually solid deals are negotiated prior to the head of state meeting the CEOs . There is a need for a better understanding of what the investors are looking for in terms of Tax breaks , guaranteed loans etc. One can not vet investors and have all necessary parameters covered in a day or two. It is these kind of agreements that go no where once the investors learn of the challenges facing the nation . The investor has to learn all facets of the Malawi economy before committing themselves. Access to Forex, letters of credit, state of the infrastructure etc. An investor can not talk about implementation without understanding the list below. In any project these are just some of important factors one must look at. Thus, I can not celebrate yet as this remains a potential investor not necessarily a permanent one. Usually there are conditions attached to these deals. Let us wait and hope that the government will shade more light with respect to what is in it for the investors and our country.
Peter ndi deal
Our own delegation in the UK, we have people with fake doctorates attending, but we still expect tangible output from these so called summits……eishhhhh I cry for my beloved Malawi.
Our journalists are lazy. I wish someone would list all the deals APM “clinched” in the last six years, and which ones actually came to fruition. APM just loves these trips to Europe and America. He hardly visits African countries…
Very true. How can a company whose Directors have not even visited Malawi, invest millions in Malawi.
Its heart breaking that APM in all these years has not understood that having coffee and shaking hands with a interested investor is NOT investment made. APM you have failed to attract any investment except for the Chinese crooks who come to steal from Malawians/
By the way APM Mr President be better is you wear your hearing aid as it was embarrassing watching you not hearing or understanding the questions.
Can’t agree more.
I wonder how many energy deals we have so far. There is Zambia, Mozambique, China and now UK. Can authorities come out clearly on which is which
Anothe mombera university
U want him to build a university for the ungrateful tumbukas????munya muwina asakhwi inu
Ponderson ndiwenso mbuzi ngati agogo ako omwewo ndi mulakho. Clearly a product of quota.
Is this a Mana propaganda report about PLANS??
I notice that there are no details whatsoever about how “PIDG aims to complement Malawi’s continued efforts in bringing reliable electricity to rural communities”.
A Bagus kusiya maliro ambale wanu wahida kuthamangira coffee ku UK koma makaladi ndinu anthu adyera kwambiri
Death is not an unusual occurrence in society. Life must go on. Was he the undertaker?
Don’t generalise that all coloureds to this. Be sensible Jolobala. zimenezi ndi zimene zimabweretsa kuiyana mitundu.
Isn’t this an Indian film making false promises of investing in power in Malawi?
Excellent Your Excellency!!!
Ben Phiri eying his cut. Shame. Nothing good will come from this apart from corruption.
Useless Apumbwa
RIP Kam’mwamba Coal fired power station.
Kkkkkk, koma Malawi amwene. This too will die a natural death like Kam’mwamba. Zikangoyamba ndi phokoso, just know that there will be no action on the ground
So, it is not coal! What is it?
Last conference in Russia had same vision, until now sizikumvekaso
Grt mr president