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Tuesday, December 31, 2024

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OPEC FUND PROVIDES $20 MILLION LOAN TO BOOST AGRICULTURAL TRANSFORMATION IN
MALAWI

 *  Saturday, December 28, 2024 2:29 PM
 * 1 minute Reading
   


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VIENNA, 28th December, 2024 (WAM) -- The OPEC Fund for International Development
(the OPEC Fund) has signed a US$20 million loan agreement with the Republic of
Malawi to finance Phase II of the Shire Valley Transformation Program (SVTP II).

In a statement, the OPEC Fund said that the programme is designed to enhance
food security, reduce poverty and improve livelihoods for approximately 130,000
people in the Shire Valley, a key agricultural region in southern Malawi.

The total project cost is US$285 million and other lenders include the World
Bank, African Development Bank, private sector institutions and the Government
of Malawi.

OPEC Fund President Abdulhamid Alkhalifa said, “This programme demonstrates the
OPEC Fund’s commitment to fostering sustainable development in cooperation with
our partner countries and international development partners. By investing in
resilient infrastructure and agricultural transformation, we are helping to
secure food supplies and empower communities in one of Malawi’s most vulnerable
regions.”

The loan will specifically support the construction of 50 kilometres of one main
irrigation canal and 126 kilometres of secondary canals. Upon completion, the
infrastructure will provide reliable irrigation for 17,500 hectares of
agricultural land, significantly reducing farmers’ dependence on rainfall and
creating the conditions for higher crop yields for sugarcane, rice, sorghum,
mangoes and beans.

  WAM reporter - Austria

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country, and on June 18, 1977, “WAM” practically began its long and professional
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