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Malawi to secure $23 mln loan from China for fiber optic backbone project

Friday, 18 November 2016 03:22

(Ecofin Agency) - Malawi’s minister of finance, planning and economic development, Goodall Gondwe, revealed that the country signed with China a memorandum of understanding for a 160 million Yuan ($22,869,000). The funds will be injected in the construction of a national fiber optic network to improve internet connectivity in the country.

The fiber optic backbone project which was approved by the government of Malawi will benefit from a 2% interest rate. The loan will be repaid over five year. It has a 5-year grace period.

According to Goodall Gondwe cited be the Nyasa Times, this loan will help Malawians living in rural areas will be able to enjoy high-speed internet which for a long time was limited to the capital and some major cities. The official said Malawi has overall six fiber optic gateways to the landing stations of the SEACOM and EASSy cables. Each half of the gateways belongs to operator MTL and Electricity Supply Corporation of Malawi (ESCOM).

Fiber optic backbone which is being developed by Malawi will be deployed using ESCOM’s power transmission towers. Once the national network is completed, high-speed internet will be directed mostly to the Capital Hill in Lilongwe, to the government offices in Blantyre and to those in Zomba.

Muriel Edjo





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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