Malawi’s President Peter Mutharika and African Export-Import (Afrexim) bank president Benedict Oramah have signed a memorandum of understanding (MoU) that will see the bank financing projects across various sectors such as, transport, tourism, manufacturing in the country.

The agreement was signed at Kamuzu Palace in Lilongwe on Wednesday.

Among the notable projects to be financed under US$ 1.4 billion (K1.1 trillion) agreement is the Mangochi International Airport, the 5-Star holiday resort in Malindi-Mangochi, the Liwonde Dry Port and Industrial Parks in Lilongwe and Blantyre which were announced by Mutharika as flagship projects of his second term of office as President.

Speaking after signing the MOU, Mutharika said the AfriExim investment will help spur Malawi’s drive towards economic independence.

The bank’s President is on a three-day visit to Malawi Oramah that has also seen him meeting businesspersons with bankable projects .

AfriExim Bank was established in Abuja Nigeria in October, 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors to finance, promote and expand intra-African and extra-African trade.

The Bank, headquartered in Cairo, the capital of the Arab Republic of Egypt, commenced operations on 30 September, 1994. It has branch offices in Harare, Abuja and Abidjan.