The World Bank's board of directors has approved a $350m (R6.25bn) grant to support a large hydropower storage project in Malawi that will significantly increase the Southern African country's generation capacity.
The World Bank said in a statement earlier this month that the Mpatamanga Hydropower Storage Project would help supply electricity to over 1-million new households and create thousands of jobs.
The public-private partnership with an expected overall cost of over $1.5bn (R26.79bn) will represent the largest foreign direct investment in Malawi's history.
In September 2022 the Malawian government selected a consortium consisting of Electricité de France and SN Malawi BV owned by British International Investment, Norfund and TotalEnergies to lead the project's development and implementation.
The project will have a total generation capacity of 358 megawatts, doubling Malawi's installed hydropower capacity by building two dams along the Shire River between two existing hydropower facilities, according to its website.
Reuters
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