The Malawi government has signed a 250.8 million USD grant with the World Bank under the Accelerating Sustainable & Clean Energy Access Transformation (ASCENT) initiative.
Minister of Finance Simplex Chithyola Banda, who signed on behalf of the Malawi government, said the grant will assist in increasing electricity access from 25 to 70 percent by 2030.
President Dr Lazarus Chakwera witnessed the event Monday evening at the Julius Nyerere International Convention Centre on the sidelines of the Mission 300 Africa Energy Summit.
World Bank Managing Director (Operations), Anna Bjerde, commended the Malawi government for its efforts to increase electricity access from 12 to 25 percent in the last four years.
Meanwhile, President Chakwera has said the grant signed on Monday between Malawi and the World Bank is a key driver of the ATM strategy.
The President made the remarks when he presided over the signing of the grant on the sidelines of the Mission 300 Africa Energy Summit where over 12 heads of state have gathered to commit to increased electricity access for the African population.
“We knew that electricity would power our agricultural production by bringing our produce to value-adding factories,” he said.
“We knew that electricity would power our mining sector by enabling us to turn our minerals into sovereign wealth for development. We knew that electricity would power our tourism sector by expanding the recreational activities that visitors could enjoy near our forests, rivers, lakes, mountains, and culture.”
The ATM Strategy leverages Agriculture, Tourism, and Mining to grow the Malawi economy.—By Justin Mkweu (MBC) and Dickson Chibwati Gondwe (Zodiak).