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ICBC provides $104.55 million loan for Blantyre City Bypass Road Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Malawi |
| Country | Malawi |
| Start Date | Jan 01, 2018 |
| End Date | Feb 21, 2031 |
| Duration | 4,799 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 69233 |
Grant Description
ICBC provides $104.55 million loan for Blantyre City Bypass Road Project On May 29, 2018, the Parliament of Malawi passed a Loan Authorization Act allowing the Government of Malawi to borrow $104,550,000 from the Industrial and Commercial Bank of China (ICBC) for the purpose of constructing the Blantyre City Bypass Road Project.
A section in the Loan Authorization Act stated that the interest rate on the loan will not exceed 1.9%. This road will pass from Chigumula to Mpemba through Michiru to Chileka International Airport. Then it proceeds from the airport to Lunzu-Mapanga-Zomba-Chiradzulu turn-off before connecting Mzedi to Bangwe.
In total, the road will be 97 kilometers long, and the aim is to ease the congestion on roads within the city. China Civil Engineering Group Co., Ltd. is the contractor responsible for the implementation of the project. A groundbreaking ceremony took place at Chigumula on February 10, 2018.
As of October 2018, a local media outlet (The Times) reported the project was expected to reach completion within 3-4-years. Construction started in 2019 and media reports suggest that the project made some progress by August 2021.
However, several reports suggest that the ICBC loan was never finalized and the Government of Malawi was attempting to fund the project with its own resources.
Staff Comments
The Chinese project title is 布兰太尔环城路项目.
Sources & References
- ICBC loan for Blantyre City Bypass Road Project
- MPs Approve k113 billion loans
- Investor hopes park will revive city as trade hub
- Peter Mutharika reiterates development plans
- No funding for Blantyre Bypass Road
- 驻马拉维大使刘洪洋视察马南部地区中资企业
- Construction of Blantyre City By-pass Road in Malawi in good progress
- Act No. 24 of 2018: An Act to authorize Government to borrow from the Industrial and Commercial Bank of China sums of money in the equivalent of one hundred and four million five hundred and fifty thousand United States Dollars (US$104,550,000)
- Draft 2020/21 Financial Statement, mw-government-gazette-dated-2018-08-24-no-24
- DRAFT FINANCIAL STATEMENT 2020-21 9-9-20 FINAL (2)
- Remarks by President Mutharika at the Ground Breaking Ceremony for Blantyre Dual Carriageway, mw-government-gazette-dated-2018-08-24-no-24, chilima inspects blantyre city by pass road project calls for timely funding, blantyre-bypass-road-excites-chinese-giant-engineering-firm-to-ease-traffic-congestion/ Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
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Government of Malawi
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