The CDC Group (formerly Commonwealth Development Corporation) has pledged its continued support in financing Malawi’s bankable projects. One of such projects is the energy sector which currently is facing challenges.
CDC, an investment arm of the United Kingdom, made the assurance in Lilongwe on Wednesday when they paid a visit to President Prof Arthur Peter Mutharika at the Kamuzu Palace.
President Mutharika hailed the group for paying him the visit saying it had come at a right time the country has opened doors to do business with different partners and stakeholders.
“Investment is a huge market in as far as development is concerned and as such it should be encouraged,” said Mutharika.
Speaking to journalists after the meeting, Minister of Foreign Affairs and International Corporation, Emmanuel Fabiano said the group would work with Malawi government on priority areas.
The group met the president to appreciate what Malawi is doing in relation to the support the country accesses from the group.
The minister said the group is already supporting the country through different sectors such as agriculture and energy among others.
“The meeting we had has been a fruitful one as CDC has pledged its continued support in various development areas which are a priority to Malawi. The group will among others help the country in the energy sector. We need a lot of investors in the energy sector,” said Fabiano.
The country has been experiencing challenges in the energy sector especially the generation of hydroelectric power which has seen intermittent power supply for almost a year now.
The situation led government to install generators as one way of ensuring that the problem is contained.
However, the minister said CDC doesn’t give support to government but works with the private sector on a country’s priority areas.
He said government will ensure that all investment projects carried out are in line with priorities as outlined in the Malawi Growth and Development Strategy (MDGS III).
MDGS III outlined five priority areas of Agriculture, Water & Climate Change Management; Education & Skills Development; Energy, Industry & Tourism; Transport & ICT Infrastructure and Health & Population.
Fabiano said there is need to follow these priorities when carrying out projects of any kind if the country is to meet the set goals as outlined in the strategy.
CDC Managing Director and Head of Africa, who led the delegation, Tenbite Ermias said CDC and Malawi have a long history which has seen a number of projects being supported and implemented.
He described the meeting as fruitful saying a way forward has been mapped to foresee how the development agenda would be carried out.
“We will continue to support Malawi with a focus on investment. We have lined up several investment plans that we intend to support,” he said.
CDC Group has already financed investment projects in Malawi to the tune of US$30 million.
CDC Group is a development and finance institution owned by the UKgovernment. The department for International Development is responsible for CDC.