Tanzania, Chinese, Zambian firms win deals in 11 projects in Blantyre

Malawi Secretary for Trade and Industry, Cliff Chiundira

Malawi's city council of Blantyre has signed a pact with the China-Zambia and China-Tanzania Friendly Cultural Exchange Programme for the combined implementation of 11 projects in the capital and that the programme would be facilitated by the Chinese government.

 

Malawi Secretary for Trade and Industry, Cliff Chiundira also said China Railways No. 3 Engineering Group Company Limited had picked three projects which they intended to finance and own and that the MoU for the deal was to be signed between the company and Malawi government by yesterday.

 

"The projects include construction of Kammwamba Coal fired Power Station worth 600 million dollars; railway construction and rehabilitation worth 250 million dollars; and construction of Mangochi Airport at 250 million dollars," explained the Secretary.

 

Following the first ever international investment forum held from June 29 to 30 which attracted 130 investors from 31 countries across the globe Malawi clinched 3 deals worth USD1.1bn with foreign investors.Chiunda disclosed on Monday evening in a press statement highlighting the outcome of the two-day investment forum held in Malawi capital, Lilongwe.

So far three known deals have been quantified and offer over USD1. 1bn of investment, said Chiunda, adding that a good number of projects had reached a preliminary understanding from the forum.

 

The Trade and Industry Secretary also disclosed that Chinese government and other investors had shown interest in particular areas of investment in Malawi.

 

He further said an American company, Briggs International, would be signing an MoU with the Government of Malawi for the implementation of a multi-billion dollar rail system that would connect Lake Malawi down to the Port of Nsanje onto the Zambezi River to the Indian Ocean.

 

The rail would by-pass the 36-kilometer rapids on the Shire River and it would connect Lake Malawi to the Indian Ocean without barges having to off-load their goods.

 

Chiunda further said a local company, called Atlas Energy, had received a commitment by an international financier for 80 million United States dollars to develop a 40 megawatts solar project in Malawi while a Japanese company had shown interest in coal mining.

 

Although the investment forum was scheduled to wind up on Tuesday, cluster and Business to Business deliberations continued Tuesday evening and according to the Trade and Industry Secretary, more deals were likely to be clinched.

 

The Malawi Investment Forum was officially opened by Malawi President Peter Mutharika on Monday and it was aimed at wooing investors from across the globe to come and explore investment opportunities in Malawi.

 

Among the high profile speakers at the official opening were Comesa Secretary General, Sindiso Ngwenya; SADC Executive Secretary, Stergomena Tax; IMF Country Rep, Geoffrey Oestreicher; James Polan, OPIC Vice President; and President and Chief Executive Officer of PTA Bank, Admassu Tadessa.

The international investment forum focused on seven key areas namely, agriculture and agro-processing; tourism; manufacturing; energy; infrastructure; mining; and financial Services.

SOURCE: THE GUARDIAN