African Development Bank approves support towards Malawi’s agricultural sector

* The support includes US$30 million, US$23 million and US$1 million — coming separately with different purposes

* The AfDB is more than ready to support on a programme of pumping water from Lake Malawi for irrigation

By Arkangel Tembo, MANA in New York, USA

At the 2024 Malawi Partners Conference held in New York, the African Development Bank (AfDB) has approved more than US$50 million towards agriculture productivity and commercialisation including procurement of relief maize.

This was disclosed by Minister of Finance & Economic Affairs, Simplex Chithyola Banda in New York after President Chakwera held the 2024 Malawi Partners Conference on the sidelines of the 79th session of the United Nations General Assembly (UNGA).

Among other high-level dignitaries at the conference, the Malawi leader, met the AfDB Group president, Dr Akinwumi Adesina, Mozambican President, Filipe Nyusi and a Tanzanian delegation.

“The support includes US$30 million, US$23 million, and US$1 million,” said the Minister. “All these are coming separately with different purposes from the African Development Bank and more support is coming from the same bank.

“On food production, the AfDB is more than ready to support the Malawi Government to embark on a programme of pumping water from Lake Malawi for irrigation,” said Chithyola Banda, adding that AfDB interventions will improve Malawi’s economy on top of empowering the young people to venture into the agricultural value chain.

He further said the AfDB assistance to Malawi is a clear demonstration of confidence and trust in the current administration: “Institutions like African Development Bank have demonstrated degree of confident and trust in the leadership of Dr. Lazarus Chakwera and the reform programme that Malawi is undertaking in various sectors.

“I have liked some aspects in President Chakwera’s speech in which he said Malawi needs to rework in Gross Domestic Product (GDP) to re-estimate the GDP based on green economy of how much is the country worth in terms of carbon financing.”

He added that analysing the GDP will give a true picture of Malawi’s economic growth and going back to the drawing board, Malawi will also work on how natural resources could stimulate the economy.

In 2023, President Chakwera also held another partner conference in New York under the theme; ‘Building Resilience and Sustainable Development in the Face of Shocks’.