World Bank commits $50m towards Mpatamanga Hydropower Project
Multilateral Investment Guarantee Agency (MIGA) which is a development arm of the World Bank Group that offers guarantees has committed USD50 million for the Mpatamanga Hydropower Project.
Speaking after a meeting on the sidelines of the 2024 IMF/World Bank Group Spring Meetings in Washington DC yesterday, Vice President for the Multilateral Investment Guarantee Agency (MIGA), Ethiopis Tafara revealed that his institution as a department of the Bank is ready to bring private capital investors to the priority projects lined up by the government of Malawi in Agriculture, Tourism and Mining, popularly called the ATM strategy.
“The World Bank is impressed with the efforts being done by the Government of Malawi mainly looking at the potential the ATM strategy has to enhance the country’s economy,” he said.
In his remarks, Secretary to the Treasury Betchani Tchereni expressed gratitude that development partners have started showing interest to invest in the ATM strategy starting with the World Bank itself.
The Malawi Implementation Plan 1 (MIP1) of the MW2063 Blue Print contains priority projects to be done in the first ten years of implementation.
The Mpatamanga Power Project which has stalled for long due to financial challenges, is one of the many projects the government of Malawi hopes to increase the country’s power generation capacity to meet the ever-increasing energy demands.
Secretary to Treasury Betchani Tchereni said for Malawi to achieve private sector-led growth, there is need for private investors to come on board and hold hands with government just like the World Bank has done.
Minister of Finance and Economic Affairs Simplex Chithyola Banda announced in the 2024 /2025 National budget that the Agriculture, Tourism and Mining – ATM strategy has been earmarked to drive growth of the country’s economy because of the potential the sectors have.
The Malawi delegation to the IMF and World Bank Spring Meetings has taken the initiative to market the ATM strategy for investment at the global level.MIGA’s role is to increase foreign direct investment. Its main products include political risk insurance and credit enhancements.
MIGA’s engagement in Malawi include solar projects implemented by JCM Power Corporation and the proposed Mpatamanga Hydropower Project.
