President Dr. Lazarus Chakwera has commended the African Export-Import (AFREXIM) Bank for its longstanding partnership with Malawi, particularly its financial and technical support towards key sectors of the country’s economic transformation.
Speaking during a bilateral meeting with AFREXIM Bank President and Chairperson, Professor Benedict Oramah, on the sidelines of the Bank’s 32nd Annual Meetings in Abuja, Chakwera highlighted the Bank’s vital role in funding several development projects, including a US$100 million trade finance facility with the National Bank of Malawi and a combined US$425 million facility with FDH Bank for the construction of the Magwero Industrial Park in Lilongwe.
“The Magwero Industrial Park is a flagship project under our Agriculture, Tourism and Mining strategy, and the support from AFREXIM Bank has been instrumental in getting it off the ground,” Chakwera said. The park, launched in June 2024, is projected to generate 15,000 jobs, attract US$600 million in annual export revenue, and bring in a similar amount in foreign direct investment.
Following the high-level meeting, Reserve Bank of Malawi Governor Dr. Macdonald Mwale briefed the press, stating that the talks focused on strengthening investment in key sectors, climate-resilient financing, and bolstering Malawi’s export capacity.
“The President of AFREXIM Bank has committed to begin activities for the Magwero Industrial Park before the end of July and to support Malawi’s agricultural exports by purchasing farm produce for value addition,” Mwale disclosed.
Professor Oramah reaffirmed AFREXIM Bank’s commitment to Malawi’s development, revealing that the bank has already approved US$200 million to kickstart activities at Magwero. He emphasized the bank’s goal to curb goods smuggling and encourage local participation in agro-industrial growth.
“Malawi is a trusted partner of AFREXIM Bank. This meeting reaffirmed our shared goals and advanced our agreement on the Magwero Industrial Park,” said Oramah.
Also present at the meeting were Principal Secretary to the President and Cabinet Coleen Zamba, Minister of Foreign Affairs Nancy Tembo, Principal Secretary for Trade and Industry Christina Zakeyu, and AFREXIM Bank board members.
AFREXIM Bank, a pan-African multilateral financial institution, is mandated to finance and promote intra- and extra-African trade.
