Friday, February 23, 2024
HomeAfricaAfrican Development Bank’s Country Strategy for 2023-2028 Focuses on Energy, Transport, Water,...

African Development Bank’s Country Strategy for 2023-2028 Focuses on Energy, Transport, Water, and Agriculture in Malawi

The Country Strategy Paper (CSP) 2023-2028 for Malawi was approved by the Board of Directors of the African Development Bank Group on 16 November 2023. The strategy prioritizes improving economic infrastructure and supporting economic diversification through investments in agriculture value chains.

Leila Farah Mokaddem, Director General of the African Development Bank’s Southern Africa Hub, stated that the primary objective of the CSP 2023-2028 is to promote inclusive and sustainable growth through agro-industrialization, improving connectivity and strengthening competitiveness. The Bank aims to deepen its engagement with Malawi to consolidate development impacts as envisioned in “Malawi Vision 2063.”

Macmillan Anyanwu, the Bank’s Country Manager for Malawi, explained that the Bank plans to increase its funding in the transport sector to improve national and regional connectivity, reduce transport costs, and strengthen regional integration. The Bank also aims to support efforts to build resilience to climate change and expand access to power through grid and off-grid power systems in Malawi.

The Bank’s interventions in the energy sector will support the country’s efforts to reduce blackouts and the cost of electricity, while also assisting Malawi in connecting to regional energy hubs to improve energy security. Additionally, support from the Bank will contribute to developing agrobusiness through complementary actions to improve productivity and strengthen the development of priority value chains.

As of September 2023, the African Development Bank Group’s active portfolio in Malawi comprised 18 projects, with total commitments of USD 222.7 million.

Contact:
Alexis Adélé
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

RELATED ARTICLES

Most Popular