* Lauds the Bank’s plans to expand investments into critical sectors of rail infrastructure, road maintenance and mining
* Pins his faith on the bank as the right partner regarding rail development plans, which played a key role in the rehabilitation of the Nacala railway corridor
* Including the 77km dreaded stretch that had been damaged during the Mozambican civil war, whose rehabilitation has spurred efficiencies in transportation of coal and other goods between Moatize in Tete, Malawi and the sea port of Nacala
By Duncan Mlanjira
During an audience with Standard Bank’s executive management at Sanjika Palace yesterday, President Arthur Peter Mutharika applauded the leading financial service institution for its economic growth conversation on opportunities and challenges ahead on the road to a more prosperous self-reliant and inclusive Malawi.
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In his presentation, Chief Executive Phillip Madinga unveiled that Standard Bank fully backs President Mutharika’s economic recovery plan and is ready to provide support in the earmarked areas of MW2063 national vision.
“As your partner in driving Malawi’s growth Standard Bank stands ready — as a financier, advisor, and execution partner — to support Malawi’s economic recovery and to help drive long‑term, inclusive growth,” he said, adding that the bank’s assessment showed that over K4.24 trillion is needed to support the government’s recovery plans in the immediate to medium term.
“From this total sum, investments in health and education claim the lion’s share at K2.3 trillion followed by agriculture at K900 billion, infrastructure at K665 billion and mining and energy at K352 billion.
“These figures underscore the scale of Malawi’s development ambition, and the absolute necessity to mobilise private capital alongside public funding,” said Madinga.
On his part, Board chairperson, Alex Mkandawire said building on its 57 years history in Malawi, Standard Bank is well positioned to help government achieve national development targets despite prevailing global economic and geopolitical uncertainty caused by recent hostilities and wars in the Middle East.
“We are ready to invest in rebuilding roads, boosting climate-smart agriculture and food security, unlocking mining potential and aid in the education and healthcare sectors,” he said.
Thus with Standard Bank, President Mutharika has pinned his faith on Standard Bank as the right partner regarding the rail development plans, taking note that it played a key role in the rehabilitation of the Nacala railway corridor — including the 77km dreaded stretch that had been damaged during the Mozambican civil war.
He took cognizance that rehabilitation of the stretch has spurred efficiencies in transportation of coal and other goods between Moatize in Tete, Mozambique, through Malawi and to the Northern deep sea port of Nacala.
The coal train service from Moatize that passes through Mwanza, Nkaya in Balaka all the way to the boarder
He said he expects the bank to do more by investing in rail in addition to its work in financing roads and other sectors, saying: “I would like to assure Standard Bank of the Government’s support.
“My administration is keen to provide all the necessary assistance; we are very open to collaboration,” Mutharika said, while emphasising that this is one of the ‘win-win’ partnerships with the private sector, through which the government wants to see more private sector-led initiatives to drive national development.
In July, 2024, Standard-Bank-launched-a-dialogue-platform-which-was-dubbed-Growth-Conversations/ — a bold move that was initiated to enhance consensus building and collective bargaining on economic policy, which was its continuation of positioning the financial institution on national development matters.
The platform seeks to broaden its stakeholder engagements to stimulate the economic policy arena, whose inaugural engagement took place at Bingu International Convention Centre (BICC) in Lilongwe under the theme; ‘Towards Economic Recovery and Growth-Embracing Sustainability’.
The Growth Conversations was amplified during the Bankers-Association-of-Malawi’s-annual-conference-in-Mangochi, on the subject; ‘Sustainability Integration in Banking’ — focusing how banks can effectively integrate sustainability in their core business strategies while balancing profitability.
In its July 2025 conversation, it involved top government officials that included Ministers of Agriculture and Tourism as well as the Reserve Bank, called-for-speedy-action-on-Malawis-ailing-economy/ — under the theme; ‘Towards Economic Recovery and Growth by Bringing the ATMM Strategy to Life’.
It also included development partners where the stakeholders exploring how the agriculture, tourism, mining & manufacturing (ATMM) strategy could be applied to address perennial macroeconomic challenges.”
Thus in his preamble, Chief Executive Madinga appraised Mutharika that their engagement with the President was “an honest conversation about the opportunities as well as challenges ahead on the road to a more prosperous self-reliant and inclusive Malawi and what role Standard Bank, can play as a partner in driving Malawi’s growth”.
“We have several proposals which we believe, if and when, timely executed will be key to meeting Malawi’s aspiration of becoming a self-reliant and inclusive wealthy nation by 2063 and become a middle income country by 2030 despite the challenges we currently face.”
Madinga highlighted that “the past few years have been difficult, marked by macroeconomic instability, debt pressures, foreign exchange constraints, climate shocks, and global disruptions”.
“These challenges are real, and they demand honest introspection. But equally important, Malawi remains rich in potential. Why? — because we have:
* A clear longterm national vision in MW2063;
* Enduring peace and political stability;
* Abundant human and natural resources; and
* Significant opportunities across agriculture, energy, infrastructure, mining, manufacturing, tourism, and trade.
NOTE:
For Chief Executive Madinga’s detailed presentation, follow through the link; https://www.maraviexpress.com/standard-bank-profoundly-emphasises-that-institutions-do-not-grow-nations-partnerships-do-chief-executive-madinga/
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