By Cedric Nkungula – Malawi Exclusive
President Dr. Lazarus McCarthy Chakwera says the incoming US$350 million (about MK350 billion) second Millennium Challenge Corporation (MCC) Compact Project will be spent on improving the country’s Infrastructure.
United States Government through the Directors of the Millennium Challenge Corporation (MCC) Board last week approved a US$350 million package for Malawi’s second Compact.
The signing of the new Compact is slated for next month in Washington DC.
“This second compact will go towards infrastructure development thus intensifying our ambitious nationwide program of building modern roads in both Urban and rural areas that will spur economic growth and reduce the cost of transporting goods and people for generations to come,” says Chakwera on Thursday when he broke the good news to Malawians through his Facebook page.
“As a result of this intervention, strategic linkages between farms and markets will finally open easing the movement of profitable goods by our smallholder farmers.”
Additionally, said the president, the official signing of the compact will also help to open up opportunities for future investment for Malawi, “as it will signal to those investors we have been inviting here that our economy is fertile ground for sowing seeds for the future and that our agro – industrialization agenda will soon have the supporting roads to bring prosperity to rural farmers and other stakeholders along the agriculture value chain.”
Chakwera then thanked MCC and the US Government for their partnership in ensuring that Malawi succeeds.
He said the recent development not only signifies that the confidence of the county’s traditional development partners is rising but also that they too believe in Malawi’s Vision 2063 of becoming self reliant and inclusively wealthy nation.