The African Development Bank (AfDB) has delivered a significant boost to Malawi’s agriculture sector, approving a substantial $54 million grant aimed at enhancing productivity and commercialization.
The funding, as confirmed by Finance Minister Simplex Chithyola Banda, will be allocated to various initiatives, including the Department of Disaster Risk Management (DODMA) for the procurement of relief maize.
“The support includes $30 million, $23 million, and $1 million, all coming separately with different purposes from the African Development Bank,” Banda explained. “More support is coming from the same bank.”
This generous grant comes on the heels of President Lazarus Chakwera’s successful 2024 Malawi Partners Conference, held during the 79th session of the United Nations General Assembly (UNGA). At the conference, President Chakwera met with AFDB Group President Dr. Akinwumi Adesina and other high-level leaders, solidifying partnerships for the country’s development.
Minister Banda emphasized that the AfDB’s intervention will play a crucial role in empowering young people to enter the agriculture sector, thereby promoting economic growth and increasing exports.
“President Chakwera highlighted policies to empower young people to go into the agriculture value chain, participating in the country’s economic growth and increasing exports,” he said. “This development is a significant boost to Malawi’s economy, which has been recovering from the impact of Cyclone Freddy.”
The AfDB’s support aligns with its country strategy for 2023-2028, prioritizing energy, transport, water, and agriculture. This latest grant demonstrates the bank’s commitment to helping Malawi achieve its development goals and build a more resilient future.