Lilongwe – The U.S. Government’s Millennium Challenge Corporation’s first trade and investment mission successfully concluded today in Malawi with nine American firms hearing from top U.S. and Malawian officials about opportunities in the country’s energy sector.
The trade and investment mission, organized with the U.S. Department of Commerce and the first in MCC’s 11-year history, began earlier this week in Tanzania. It promoted U.S. exports and expanded U.S. companies’ presence in Africa by introducing American firms to opportunities in the energy sector. The mission also contributed to the goals of Power Africa, a whole of U.S. Government effort designed to double access to electricity in sub-Saharan Africa.
“The Malawian power sector is primed for outside investment, which will make a significant impact on the country’s economic growth,” said Kamran M. Khan, MCC’s Vice President for Compact Operations and the mission lead. “Throughout this mission, delegates heard about the opportunities that could help create jobs at home and abroad.”
The companies met with key officials from the Government of Malawi—including President Peter Mutharika—as well as members from the Malawian private sector and civil society. The delegates also met with U.S. Ambassador to Malawi Virginia E. Palmer.
The mission delegates met with Bright Msaka, Malawian Minister of Natural Resources, Energy and Mining; Joseph Mwanamvekha, Minister of Trade and Industry, Joshua Nthakomwa, Director of Investment Promotion and Facilitation at the Malawi Investment and Trade Center; and high-level representatives from the Electricity Supply Corporation of Malawi Limited and the Malawi Energy Regulatory Authority.
MCC’s compact with Malawi will invest up to $350.7 million to revitalize the country’s power sector and improve the availability, reliability and quality of the power supply—ultimately attracting trade and investment and promoting economic growth.
While the trade and investment mission introduced American firms to opportunities in Tanzania and Malawi, MCC-funded investments are procured openly, fairly and transparently.
The Millennium Challenge Corporation, a U.S. Government agency designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom and investments in people that promote economic growth and elimination of extreme poverty.