‘Malawi will exhaust MCC funds by 2018’

Post was last updated: October 2, 2015

The Millennium Challenge Account – Malawi (MCA-M) says Malawi will fully utilise the US$350 million Millennium Challenge Account Compact grant from the United States government by the end of the five year project period on September 19, 2018.

MCA-M board of trustees chairperson, Simon Itaye, said this in Lilongwe on Wednesday when MCA-M signed contracts worth US$148.1 million with five international companies firms for the construction two power lines, two substations and rehabilitation of the Nkula A Hydro Power Plant.

Itaye said with the signing of the contracts, MCA-Malawi has reached a significant milestone in the compact timeline and is on time for works implementation.

“The grant will be fully utilised by MCA Malawi within the five year period of the compact agreement,” said Itaye.

Speaking during the same ceremony, United States Ambassador to Malawi, Virginia Palmer said the five contracts are a clear sign that the agreement is beginning to bear fruits.

“The compact agreement will transform Malawi’s electricity supply landscape and increase the delivery of reliable electricity to an ever-growing number of Malawian businesses and homes,” said Palmer.

The Malawi Compact will run for a period of five years from September 20, 2013 to September 19, 2018 and since entry into force, MCA-Malawi has committed US$212.8 million – representing 61 percent of the total compact budget, and has disbursed US$ 64.5 million, representing 18 percent of the grant.

(Visited 10 times, 10 visits today)

Let us know what you think of this update and remember to add us on our facebook and follow us on our twitter. Make sure to come back daily for more Malawi business news updates.

Quick Links: Malawi Banking News | Malawi Technology News | Download Business eBooks | Ten Signs You Are An Entrepreneur | What is a Managing Director?

Today’s top business story: Top Commercial Banks In Malawi

Source link