The World Bank and the Malawi government Tuesday entered into two agreements through which 65 million U.S. dollars will be spilled out towards the country's water supply and investment climate projects.
The agreements for the two projects were signed in the Malawi capital, Lilongwe, by the bank's Country Manager Timothy Gilbo and Malawi's Finance Minister, Goodall Gondwe.
The first project, for which the bank would provide 50 million dollars in grant and loan, would be improvement of water supply for Malawi's urban areas.
Gilbo said that through the project the bank envisaged that about 250,000 more people in Malawi would have access to clean and safe water.
The second project, the Business Environment Strengthening Technical Assistance Project (BESTAP), would be a grant to the tune of 15 million US dollars through which Malawi intends to accelerate investment climate reforms to accelerate private sector- led growth during the five years of implementation.
Gilbo said the BESTAP project was aimed at supporting the development of the private sector in Malawi as an engine for sustained economic growth.
"The foundations for economic growth have been laid in Malawi with improvements in the macro-economic situation, and this opportunity needs to be seized," he said.
The project has four components designed to strengthen property rights institutions, private sector support institutions, growth and development of Small and Medium Enterprises, and government capacity to implement reforms.
Wednesday 18 July 2007
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