Standard Bank partners MCA-Malawi in energy project
The bank, listed on the Malawi Stock Exchange (MSE), has since organised the first-ever power conference in Lilongwe from August 4 to 5 this year where local and international experts will deliberate and find solutions to the power challenges.
The conference comes when the sole power supplier, Electricity Supply Corporation of Malawi (Escom), is load shedding power, a development that is affecting business operations.
"The power conference is jointly organised with MCA-Malawi and will tackle investment opportunities in power. Standard Bank’s investment unit is ready to partner with investors in that area," said Mchombo in an interview.
She said the bank has teamed up with MCA-Malawi because in the Millennium Challenge Account (MCC) compact programme for Malawi, power features highly.
The theme for the conference is ‘towards a common solution to sustainable power’. Standard Bank has interest in power having already financed major power deals such as the Morupule Power B project in Botswana.
The MCC, the US foreign aid agency, is in the process of finalising a compact agreement for Malawi that will make available $300 million (K45.6 billion) in December 2010 for the revamping of the power sector.
In May this year, the vice-president for MCC compact development, Darius Teter, said the long term solution to power shortages Malawi is experiencing could come from the private sector by partnering with government.
MCC is based on the principle that aid becomes more effective when it reinforces good governance, investment in people and economic freedom.
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