Malawi borrows US$215 million from India

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Malawi has secured a US$215.16 million loan from India for the construction of 18 water projects and the Mahatma Gandhi International Convention Centre in Blantyre.

Indian Vice President Shri Venkaiah Naidu announced the line of credit on Monday when he launched the “India for Humanity” initiative with Malawi.

Naidu

During Naidu’s visit, Malawi and India signed Memorandum of Understandings (MOUs) in the areas of Diplomatic and Official Passports, Visa exemption treaty and Peaceful uses of nuclear energy.

On Monday, Naidu inaugurated the business incubation centre and India Africa Institute for Agriculture and Rural development (IAIARD).

Speaking after the ceremony, Naidu said India will ensure that the products made at the centre are of good quality.

Naidu added that the business centre will also help in curbing unemployment among the youth.

“I am looking forward to discussing more about business with Malawi’s president because it is no longer news that Malawi has great potential when it comes to business and being a united and peaceful country so together we can do a lot,” he explained.

In his remarks, Minister of Trade and Tourism Henry Mussa said the collaboration will assist Malawi to start exporting locally made products such as juices .

Mussa suggested the use of technology and involvement of technical college students as one way of promoting businesses.

Naidu arrived in Malawi on Sunday and left on Monday evening.

During the visit, he paid a courtesy call on President Peter Mutharika where they had discussions on a wide range of bilateral and multilateral issues of mutual interest for the two countries.

He also donated to Malawi a Bhabhatron’ Telecobalt Cancer Therapy machine, medicines worth US$ 2 million, 10 ambulances and 100,000 books among others.

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