OPEC Fund Approves $20 Million Loan to Boost Agriculture in Malawi
OPEC Fund Approves $20 Million Loan to Boost Agriculture in Malawi.WAM
VIENNA: The OPEC Fund for International Development has provided a $20 million loan to Malawi to support Phase II of the Shire Valley Transformation Program (SVTP II). This initiative aims to improve food security, reduce poverty, and uplift the lives of about 130,000 people in the Shire Valley, one of Malawi’s key agricultural regions.
Collaboration for Sustainable Development
The total cost of the project is $285 million, with funding contributions from the World Bank, African Development Bank, private sector institutions, and the Government of Malawi.
Abdulhamid Alkhalifa, President of the OPEC Fund, stated, “This program highlights our commitment to sustainable development through partnerships. By building resilient infrastructure and transforming agriculture, we aim to ensure food security and empower vulnerable communities in Malawi.”
Infrastructure to Boost Irrigation and Crop Yields
The loan will finance the construction of 50 kilometers of main irrigation canals and 126 kilometers of secondary canals. This infrastructure will provide reliable irrigation to 17,500 hectares of farmland, reducing farmers’ reliance on rainfall. The improved irrigation system will enable higher crop yields for sugarcane, rice, sorghum, mangoes, and beans, contributing to greater agricultural productivity and economic growth in the region.
Empowering Communities and Strengthening Agriculture
The Shire Valley Transformation Program is expected to create lasting change in Malawi by enhancing agricultural resilience, improving food supply, and supporting local livelihoods.
