Minister of Transport and Public Works, Jappie Mhango has commended National Bank of Malawi (NBM) plc for providing a K100 billion loan facility to finance the reconstruction of the Golomoti–Monkey Bay Road, saying the project will improve transport and boost economic activity between Dedza and Mangochi districts.
Mhango made the remarks on Wednesday during the project’s groundbreaking ceremony in Golomoti, Dedza, where he emphasized government’s commitment to improving the country’s road infrastructure and ease transport challenges to stimulate economic growth,
The minister said NBM plc’s support will help accelerate the implementation of the project.
“It is a substantial investment, and as a ministry we are delighted because road construction is very expensive.
“This support will help us improve the country’s road network, which has faced numerous challenges due to poor road conditions,” said Mhango.
NBM plc Board Chairperson Grant Kabango said the Bank’s decision to finance the project demonstrates its commitment to supporting the government’s infrastructure development agenda.
“As a Bank, we believe that supporting the government’s infrastructure agenda is an investment in Malawi’s economic growth.
“Roads are critical to development, and this particular road is vital to the country’s economy. By financing its reconstruction, we believe we are contributing to national development,” said Kabango.
Roads Authority Technical Advisory Committee Board Chairperson Engineer Newton Kambala urged communities along the route to take advantage of the economic opportunities that will come with the upgraded road.
“Time is money, and travelling on damaged roads leads to costly delays. Poor roads can also result in patients failing to reach health facilities in time and fresh produce perishing before it reaches the market.
“Rehabilitating this road will address these challenges and create economic opportunities for communities in Dedza and Mangochi,” said Kambala.
The 28.4-kilometre road project has been awarded to Mota-Engil and is expected to be completed within 12 to 24 months.
“By financing its reconstruction, we believe we are contributing to national development.”
Grant Kabango
NBM Board Chairperson
