Latest reports from MITC on the June Malawi Investment Forum (MIF)...

02 July 2015 at 08:52

Here are the latest reports from MITC (below) detailing over US$1 billion of investment in Malawi. What do you think? Is this good news for Malawi's economy? Share your views here.

Zikomo
Keith


Some Achievements of The MIF 2015...
So far 3 known deals have been quantified and offer over US1.1 billion of investment. However, the following are some of the projects which have reached a preliminary understanding from today’s forum:
1. The Blantyre City Council has signed a Mou with the China-Zambia and China-Tanzania Friendly Cultural Exchange Program for the combined implemented of 11 projects in Blantyre. The program will be facilitated by the Chinese Government;

2. An American company, Briggs International, will be signing an MoU with the Government of Malawi for the implementation of a multi-billion dollar rail system that will connect Lake Malawi down to the Port of Nsanje onto the Zambezi River to the Indian Ocean by-passing the 36-kilometer rapids on the Shire River and therefore connecting Lake Malawi to the Indian Ocean without barges having to off-load their goods.

3. Country-wide Group of Companies has received preliminary funding consideration for the development of their 5-star hotels in Blantyre and Chinteche respectively by three international financiers;

4. A local company, called Atlas Energy, has received a commitment by an international financier for US$80 million to develop a 40 megawatts solar project in Malawi;

5. A coal mining company which has two mining projects in Rumphi and Nthalire are looking for joint venture partners. They have met with a Japanese company who are interested to further discuss the prospect. The foreign counterparts will supply the equipment while the local counterparts will provide the resource, if the deal goes through;

6. China Railways No. 3 Engineering Group company Limited has picked three projects which they intend to finance and own:
a. Kamwamba Coal fired Power Station: US$600 million
b. Railway construction and rehabilitation: US$250 million
c. Mangochi Airport US$250 million

MoUs will be signed between Government and the company by Thursday this week.