Germany and Malawi sign Agreement on Financial Cooperation

Germany and Malawi sign Agreement on Financial Cooperation amounting to EUR 45 million Enlarge image Germany and Malawi sign Agreement on Financial Cooperation amounting to EUR 45 million (© German Embassy)

On Tuesday, 15th November 2016, Minister of Finance, Economic Planning and Development, Goodall Gondwe, and the German Ambassador, Jürgen Borsch, signed the Agreement on Financial Cooperation amounting to EUR 45 million (approx. MWK 34.8 billion) relating to commitments made during the last bilateral negotiations in October 2015.

The current commitments for bilateral cooperation between Malawi and Germany amount to EUR 102 million (approx. MWK 78.6 billion). Out of this amount, EUR 82 million result from last year’s negotiations, including the EUR 45 million for Financial Cooperation that will be implemented by KfW Development Bank. In addition, Malawi also benefits from programmes under the German initiative “One world – no hunger” amounting to EUR 16 million (approx. 12.3 billion MWK). 

As a response to the current crisis due to El Niño, Germany commits additional EUR 4 million (approx. 3.1 billion MWK), bringing up the total support under the initiative to EUR 20 million.

“Today, we have laid the cornerstone for our further cooperation in the areas of basic education, primary health services, social protection of the ultra-poor, and private sector development in rural areas. In addition, I am very happy that we are able to step up our support to the people of Malawi in the wake of the current crisis due to El Niño with another EUR 4 million to improve food and nutrition security and strengthening resilience.” German Ambassador Jürgen Borsch said after signing the agreement.

Germany and Malawi look back to many years of friendship and cooperation. Since 1964 the two countries have - among others – worked together to improve health and basic education, to create more jobs and income in rural areas and to improve public financial and economic management. The total volume of commitments since cooperation began in 1964 amounts to more than one billion Euros.

Germany and Malawi sign Agreement on Financial Cooperation

Minister of Finance, Economic Planning and Development, Goodall Gondwe signing the Agreement on Financial Cooperation amounting to EUR 45 million