President Peter Mutharika has said public-private partnerships are crucial to the growth and development of any nation.
The President said this yesterday at Sanjika Palace in Blantyre where he hosted representatives of Old Mutual led by the group’s chief executive officer Tavona Biza.
Speaking to the press after the meeting, Mutharika noted that the group has been actively involved in the country’s development.
He said discussions between the two sides focused on how the financial giant intends to deepen its involvement in key sectors, including infrastructure, tourism and mining.
Said Mutharika: “Old Mutual has expressed a commitment to invest in sectors such as mining, road infrastructure and tourism. We have discussed policy areas and subsequent discussions will be handled by our line ministers and technical officers.
“We have agreed on a framework and a way forward. We are on the same page and our teams will soon finalise the details to ensure we start as soon as possible.”
The Malawi leader emphasised that the country is in urgent need of repair and rebuilding.
He noted that road infrastructure has not been rehabilitated for some years. As such, having investors willing to support these areas is a welcome development.
“We must implement this partnership—time is of the essence. If you have driven out of Blantyre, you will agree that we have serious problems. The roads are in bad shape. We need to fix this and we will fix it,” said Mutharika.
On his part, Biza confirmed the company’s readiness to diversify its investments in the country.
“Our current targets are tourism, affordable housing, road infrastructure and mining sectors. We have an investable sum of K500 billion that we are ready to deploy into these targeted sectors,” he said.
Recently, Mutharika has been engaging with various financial institutions and diplomatic partners in a sustained effort to secure strategic partnerships for Malawi.
