Lilongwe:The Republic of Malawi's accession to the Fund for Export Development in Africa (FEDA) marks a significant step in expanding the fund's impact across the continent. As the development impact investment arm of the African Export-Import Bank (Afreximbank), FEDA aims to deliver long-term capital to African economies, focusing on industrialization, intra-African trade, and value-added exports.

According to Afreximbank, Malawi is the eighteenth country to join FEDA, following recent accessions by other African nations such as Benin, Nigeria, Ghana, the Arab Republic of Egypt, and Equatorial Guinea.

FEDA's collaboration with Malawi is expected to foster economic diversification and enhance value-added production, which are essential for the country's economic growth and development. The partnership is already paving the way for projects like the Magwero Industrial Park, which is being developed in collaboration with Arise IIP and Afreximbank. This project is seen as a pivotal investment to unlock Malawi's manufacturing export potential.

Professor Benedict Oramah, President of Afreximbank, highlighted the importance of this accession, noting that it strengthens cooperation and provides Malawi with better access to Afreximbank Group's range of interventions. Marlène Ngoyi, FEDA's CEO, emphasized the fund's commitment to supporting strategic projects in Malawi that promote industrialization and trade.

FEDA's expanding membership and strategic investments, including a substantial capital injection into Arise Integrated Industrial Platforms and innovative projects like Team Drogba's participation in the E1 Series, demonstrate the fund's ongoing efforts to bolster economic development and integration across Africa.