Ministry of Finance has secured €58 million from the European Investment Bank for the construction of the over 286 kilometers M1 road from Lumbazi in Lilongwe to Karonga in the Northern Region.
Minister of Finance, Joseph Mwanamvekha, said this as he presented a loan authorization bill in Parliament on Wednesday.
The €58 million consists of a €20 million grant as well as a €38 million concessional loan, which shall be repaid in 20 years at a 4 percent annual interest rate.
The M1 stretch requires approximately €249.1 million, and as at August 2025, €133.5 million was secured for the construction of some sections of the road.
UTM spokesperson Felix Njawala commended government for borrowing for tangible development.
