Minister of Finance, Economic Planning and Development Joseph Mwanamvekha has committed to prudent use of $36.7 million (about K27 billion) for the Multinational Nacala Road Corridor Development Project phase five.
The minister said in Lilongwe during the signing of the agreement with African Development Bank (AfDB) group that government will endeavour to implement the project in accordance with the provisions of the financing agreements as well as Malawi’s own Public Finance Management rules.
“Specifically, we will ensure proper financial management and effective project implementation to achieve the intended objective.
“The Malawi Government believes in transparency and accountability, as such we will facilitate and coordinate the participation of all relevant stakeholders in the implementation of the projects,” said Mwanamvekha.
The $36.7 million is part of the $50 million (K37 billion) concessional loan for road, fisheries and aquaculture projects. The $13.3 million (about K9.8 billion) is for Sustainable Fisheries, Aquaculture Development and Watershed Management Project.
AfDB acting director general for Southern Africa Region Development and Business Delivery Service Josephine Ngure said the projects will contribute to enhanced agriculture, food security and develop infrastructure in the transport sector to support other productive sectors.
She said the sectors include agriculture, manufacturing, mining and promotion of private sector development and creation of wealth to improve people’s lives.
“The objective of the Multinational Nacara Road Corridor Development Project is to improve transportation along the Nacala Road Corridor and to provide a cheaper alternative sea port, in this case port of Nacala [in Mozambique], for Malawi and for countries North of Malawi, namely Zambia and Southern part of Democratic Republic of Congo.”
The project’s major activities will involve the rehabilitation of a 55- kilometre road between Nsipe in Ntcheu and Liwonde in Machinga and the construction of a one- stop-border-post between Malawi and Mozambique at Chiponde in Mangochi.
The project is expected to run for five years from 2019 to 2024.
The development objective of the Multinational-Nacala Road Corridor Development Project Phase V is to contribute to regional integration and trade facilitation for Malawi, northern Mozambique and Zambia.