K3bn for telecoms and finance sectors in Malawi

Mergers, Acquisitions and Financial Results

A World Bank financing group, the International Finance Corporation (IFC), has earmarked some US$20 million (K2.8 billion) for the improvement of Malawi’s telecommunication and financial sectors.

The IFC vice president responsible for Asia, Middle East, and North Africa and Global Infrastructure Rashid Kaldany hoped this would ensure increased access to telecommunication. “You can imagine that at the moment only 19 percent of the population has access to such services. This is very low,” he told reporters when he visited Malawi last week.

Speaking at get-together in honour of the IFC Veep and his entourage, Kaldany assured the private sector of their continued support amid the world financial crisis.

This was also echoed by World Bank Country Manager Timothy Gilbo, who said the recession should not be taken lightly “but we can assure you of our continued support”.

This year’s funding will go into quality improvement in the telecommunication industry by helping the country roll-out fibre optic cables.

The Daily Times