President Dr. Lazarus McCarthy Chakwera was greeted with significant news during his recent arrival in Riyadh, Saudi Arabia. Through its Finance Minister Mohammed Al-Jadaan, the Saudi government announced a commitment to support various development projects in Africa at the opening of the Saudi-Arab-African Economic Conference. This includes a substantial allocation of $533 million (approximately K906 billion) to be distributed among African nations, including Malawi.
This announcement was made just as President Chakwera touched down at King Khalid International Airport, joining a host of African leaders for the First Saudi-Africa Summit. The financing will be facilitated by the Saudi Fund for Development (SFD), and during the summit, deals worth billions of dollars are expected to be finalized between Saudi Arabia and the African countries.
For Malawi, President Chakwera is set to sign a significant agreement with the SFD to secure $20 million to construct the Mangochi-Makanjira Road. This portion of the K22.4 billion allocated for this project demonstrates a strategic investment in Malawi’s infrastructure development.