Malawi to construct its first solar-plus storage project

MALAWI – The government of Malawi, in collaboration with Sungrow, JCM Power, InfraCo Africa, RINA and Innovate UK, will construct its first solar-plus storage project, a first in Sub-Saharan Africa. Located in the Dedza district of Malawi near the town of Golomoti, the 20MWac solar PV and 5MW/10MWh energy storage project is set to become a leading project in sub-Saharan Africa in demonstrating the value of solar PV coupled with energy storage. The project will fully adopt Sungrow’s one-stop solar-plus-storage MV solution comprised of PV inverter, MV station, all-in-one Power Conversion System,…

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World Bank approves US$380m financial support to Malawi & Mozambique to facilitate trade

MALAWI – The World Bank, through the International Development Association (IDA), has approved US$380 million in financing to support Malawi and Mozambique increase regional trade coordination, reduce trade costs and time, develop regional value chains, and improve access to infrastructure. The new Southern Africa Trade and Connectivity Project (SATCP) seeks to benefit the two countries through investments that will facilitate trade, strengthen regional coordination, and increase diversified economic opportunities along the Nacala and Beira corridors, connecting Mozambique to Malawi, and along the Maputo Corridor, connecting Mozambique to South Africa through…

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EIB approves US$35.7m loan for clean water supply in Malawi

MALAWI – The European Investment Bank (EIB) has approved $35.7 million loan to extend the drinking water network in southern Malawi. The project is to be implemented by the state-owned Southern Region Water Board (SRWB). The soft loan is to be repaid over 20 years with a grace period of 5 years. The EIB funding is for the extension of the drinking water network in the southern region of Malawi, particularly in Balaka and Liwonde. According to the SRWB, part of the funding will be used for the development of…

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InfraCo Africa to finance construction of Golomoti solar project in Malawi

MALAWI – Sub -Sahara infrastructure fund InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), and its project partner, JCM Power (JCM), have announced their commitment to finance construction of the 20MWAC Golomoti Solar project with a 5MW/10MWh lithium-ion battery energy storage system (BESS) in Malawi. Golomoti Solar will be the first commercial-scale solar photovoltaic plant in Malawi to include a BESS, and along with its sister project, Salima Solar, Golomoti is among the first commercial-scale solar photovoltaic plants in the country. “As part of our commitment to Malawi’s renewable…

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National Bank of Malawi acquires 51% stake in Akiba Commercial Bank Tanzania

MALAWI – National Bank of Malawi Plc. (NBM) has concluded the acquisition process of 51 percent stake in Tanzania’s Akiba Commercial Bank (ACB) through a share subscription for a consideration of US$7.31 million. The Malawi Stock Exchange listed NBM becomes a second local bank to have footprints outside the country after First Capital Bank. In a cautionary statement released by NBM, the bank says it is still negotiating with ACB to acquire an additional stake; therefore, shareholders should exercise caution. “The acquisition is in line with NBM plc’s current strategic…

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The OPEC Fund boosts sustainable agriculture in Malawi with US$20m development loan

MALAWI – The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million development loan agreement with Malawi to improve the livelihoods of around 1.3 million people living in rural areas. The financing will support the ‘Transforming Agriculture through Diversification and Entrepreneurship’ program, aligning with Sustainable Development Goal 2 on food security, improved nutrition, and sustainable agriculture. The objective of the program is to strengthen value chains and improve the resilience and capacity of Malawi’s smallholder farmers and rural organizations. The program will provide better infrastructure ,including…

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FDH Bank Malawi appoints Charity Mseka as new chairperson

MALAWI – The Board of Directors of FDH Bank plc has appointed finance expert Charity Joy Mseka as its new Board Chairperson effective 27 November 2020. Mseka has extensive experience in Banking and Finance and previously served as Director of Banking, Director of Accounting and Finance and Chief Accountant at the Reserve Bank of Malawi (RBM). She also served as a Non-Executive Director of National Integrated Technologies Limited (NITEL) and Export Development Fund Limited. She currently sits on the Board of Tilitonse Foundation and was recently appointed Council Member for…

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Malawi launches US$1.1m clean cooking fund

MALAWI – The government of Malawi and its development partners have launched a US$1.1million clean cooking fund to promote fuel efficient cooking technologies and alternative cooking energy in the country. The country’s Minister for Forestry and Natural Resources. Nancy Tembo said in Lilongwe during the launch that the funds will provide financing to the innovative entrepreneurs that have creativity and business vision to transform cooking and change history. “This focus is in full alignment with government’s development agenda and I believe that we have the creativity and entrepreneurs that will…

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Nkhotakota Solar Power Plant in Malawi gets US$67m backing from ATI to fill critical energy gap

MALAWI – The Nkhotakota Solar Power Plant, one of Malawi’s first commercial scale independent solar power projects, has received US$67 million from Africa Trade Insurance Agency and is expected to add a significant 37 MWac of clean energy to the national capacity, currently estimated at 362 MWac. The solar plant, which is being developed in two phases of 21 MWac and 16 MWac, is the second renewable energy project to be backed by the African Trade Insurance Agency’s (ATI), Regional Liquidity Support Facility (RLSF). ATI, through the RLSF, is providing…

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Saudi Arabian Mining Company buys 85% stake in Malawian firm Meridian Group

MALAWI – Ma’aden Marketing and Distribution, wholly owned by Saudi Arabian Mining Company has acquired 85% of Malawi’s – Mauritius headquartered largest phosphate producers Meridian Group. Meridian group which distributes 500,000 tonnes of fertilizers across Malawi, Mozambique, Zambia and Zimbabwe comprises Farmers World Limited, Demeter Seed Limited, Malawi Fertilizer Company, Agora Limited, Grain Securities Limited, Liwonde Property Investment, and Optichem (2000) Limited. The publicly listed Saudi Arabian mining company’s acquisition comes as part of the Saudi company’s plan to expand its global footprint in key markets. Meridian co- chief executive…

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