RBM Governor unveils $50 Million power generating financing
Reserve Bank Governor Dalitso Kabambe has unveiled $50Million power generating funding mechanism from Overseas Private Investment Corporation (OPIC).
RBM Governor was speaking in Lilongwe when he hosted dinner for the international delegates from Overseas Private Investment Corporation.
OPIC committed to finance an independent solar power generation project to a tune of $50 Million in Nkhotakota.
OPIC President Nancy Rivera led the delegation to Malawi.
In his speech during the dinner Dr Kabambe appealed to the private sector to join hands saying its now time to grow the economy especially with the coming of new funding investment opportunities from OPIC.
Dr Kabambe announced that by around March next year, 20 Megawatts will be pushed to the grid. He said private sector is engine of national development.
During the private sector dinner Kabambe said time is now to for Malawi to grow the economy.
“It is now time to take off we have installed the macroeconomic environment inflation is in single digit, we have a number of projects in tourism, energy, manufacturing, water and mining sector if these projects get financed Malawi will create the much needed jobs for our youths and earn more Forex as well as creating output,” Said Kabambe.
In the project Kabambe said they have roped in MITC to coordinate stimulation of the projects with the private sector.
The delegation was in the country to conclude discussion on the Nkhotakota USD50Million power project.
Commenting on the new funding opportunity, Mtalimanja Holdings Professor David Kamchacha commended OPIC Bank for the new funding mechanism.
Kamchacha said funding is a big problem in as far as investment is concern.