Malawi set for energy boost with US funding
14 April 2011
Energy infrastructure in Malawi looks set to receive a boost after it was announced that the US government plans to invest $350.7 million (£215 million) in improving the southern African country's energy sector.
The Millennium Challenge Compact (MCC) is designed to invigorate the country's power sector, spur private investment and promote long-term sustainable economic growth.
According to a statement, the MCC Compact will fund reform of the power sector in Malawi, while investing in energy infrastructure improvements and creating business opportunities for Malawians and US businesses.
Vice-president of the MCC Patrick Fine said the principles behind the five-year plan will be continually assessed.
"It has taken three years. If we follow the agreed plan, I have no doubt that Malawi will make great strides at removing one of the main barriers to economic growth by expanding access to energy for millions," he said.
Meanwhile, it was recently announced that Malawi's water infrastructure is set to improve after it was allocated $12.7 million from the World Bank.