Malawi And China Sign $90m Loan Agreement to Construct Conference Center And Hotel in the Capital Lilongwe
Malawi and China have signed a $90 million loan agreement to construct a international conference centre and a business hotel in the capital Lilongwe.
Finance Minister Ken Kandodo said in Lilongwe during the signing ceremony that the project, when completed, would help boost the tourism industry in the country.
“These projects are essential because they will bring up a new face, thereby transforming the landscape of the country’s capital city,” he said.
Chinese ambassador Lin Songtian said the project would start in three months and was expected to be completed after 28 months.
“Currently, we are waiting for the construction materials to come since all of them will be shipped from China to Malawi via Beira,” he said.
He added that Malawi was expected to repay the loan over a period of 20 years after a grace period of five years with a rate of interest of 2% p.a..
The facility would provide a purpose built conference facility with increased seating capacity of more than 3,000 people, with multilingual translation and audio visuals facilities.
Source African Press Agency