World Bank’s K51bn to benefit 4 million Malawians in MASAF IV

About 800, 000 households are to benefit from the second financing of the second additional financing in the Strengthening Safety Nets Systems Project-MASAF IV.

Minister of finance Goodall Gondwe and World Bank’s Diop sign credit agreement for Masaf at Capital Hill on Monday (C) Govati Nyirenda

The development was unveiled in Lilongwe Monday where Minister of Finance, Economic Planning and Development Goodal Gondwe signed the financing agreement of US$70 million (about K51 billion) which is supported by the International Development Association of the World Bank (IDA).

In his statement after official signing of the agreement, Gondwe explained that part of the funding is designed to scale up the Public Works Programme to reach an extra 225 thousand households through an emergency component.

Gondwe said; “It will also help to scale up the Social Cash Transfer Programme to 9 districts reaching over 120,000 households.

“You may wish to be informed that the Social Cash Transfer Programme would have achieved 100 percent coverage of the districts in the country.”

The Strengthening Safety Nets Systems Project is among the World Bank’s priority strategies designed to help Malawi recover from external shocks effects by the adverse effects of the drought and floods that hit the country in the 2014-2015 growing season according World Bank’s Vice President for Africa, Makhtar Diop who represented the World Bank at the agreement signing.

The funding comprises a grant of US$47.7 million (about MK35 billion) a loan of US$ 22.3 million (about MK16 billion).

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