Today 31st August 2021, Honourable Minister of Industry Roy Kachale Banda and officials from the ministry held a meeting with World Bank’s Executive Director for Africa group One constituency Dr Taufila Nyamadzabo at the ministry’s headquarters in Lilongwe.
Among other key issues, the two sides have discussed areas of possible Cooperation between the Bank and the ministry as well as projects World Bank is supporting which the ministry is also involved in their implementation.
The Minister has asked World Bank to consider supporting a game-changing “competitiveness enhancing” project that is targeted at growth oriented enterprises that can occupy the missing middle.
Kachale whose ministry is championing implementation of Malawi 2063 pillar of Industrilialisation also called for support for upscaling Cooperative formation and financing the rural Industrialisation programme which currently suffers a huge financing gap.
On his part the World Bank ED while assuring the Ministry of the Bank’s continued support, said the two sides should continue engaging.
He then suggested that the ministry should further have discussions with the Bank’s International Finance Cooperation (IFC) for financing private sector to help the sector make meaningful impact on the country’s development agenda.
The World Bank ED has however hinted on the need for Malawi to ensure the business environment is conducive enough to attract foreign investors as well as improve on the period that is taking before commencement of actual work in most projects that World Bank is supporting saying currently it is taking too long.
The ministry of Industry is currently involved in the implementation of certain components of projects such as the Financial Inclusion and Enterpreneurship Scaling (FINES) project, the Agriculture Commercialisation Project (AGCOM) and Southern Africa Trade and Connectivity Project being supported by World Bank aimed at creating jobs for different groups of people such as the youth. Job creation is among priorities of the Tonse administration.