No $6.8bn Bridgin ‘early Christmas gift’ yet

When Malawi signed a $6.8 billion (about K11.3 billion) project financing deal with Belgium-based Bridgin Foundation on November 28 2022, President Lazarus Chakwera described the package as an “early Christmas gift” to Malawians.

But one year later, the package meant to finance projects in areas of health, education, energy and infrastructure development has no progress report.

Minister of Information and Digitisation Moses Kunkuyu yesterday said they are waiting for information from the Ministry of Finance and Economic Affairs on progress in their discussions with Bridgin Foundation.

He said:  “The signing of the memorandum of understanding [MoU] on November 28 2022 simply signalled an agreement having been reached in principle to be followed by detailed negotiations.

“That process is long and has two possible outcomes; an agreement to continue or discontinue.”

Kunkuyu further said Malawi has development plans and due to insufficient funding, Capital Hill explores various financing models for projects.

But in a separate interview, Secretary to the Treasury McDonald Mafuta Mwale, who was present during the Bridgin MoU signing at Kamuzu Palace in Lilongwe, said he would not be commenting on the matter.

“I cannot comment on things that I clearly know that you want to humiliate me. So, I am not a competent person to comment on this,” he said.

Minister of Finance and Economic Affairs Simplex Chithyola Banda could not be reached for comment while his predecessor, Sosten Gwengwe, who signed the deal, refused to speak on progress made during his tenure of office.

But Centre for Social Transparency and Accountability executive director Willy Kambwandira said government in the spirit of transparency and accountability, it owes Malawians an explanation regarding the progress of the deal.

Bridgin Foundation president Mahmodou Tanko did not respond to our questions yesterday.

The deal was supposed to finance construction of high-tech fertiliser manufacturing plant in Lilongwe at a cost of $750 million, $591 million Geology Centre at Mzuzu University, finance a $158 million high-tech lab at Malawi University of Science and Technology, $230 million twin-tower at Capital Hill, among others.