The African Development Bank (AfDB) has approved US$20.5 million (about K34 billion) in direct budget support for Malawi.
Speaking during a meeting with Finance Minister Joseph Mwanamvekha on the sidelines of the eighth Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in Seoul, AfDB Director General and Acting Vice-President for Africa, Abdou Kamara, said the Bank’s Board approved the funding on September 1, 2026.
Malawi submitted its request for the funding in May this year.
Mwanamvekha welcomed the approval, saying it demonstrates the AfDB’s confidence in Malawi.
The Finance Minister is scheduled to meet AfDB President Sidi Ould Tah tomorrow, where he is expected to push for additional budget support, among other issues.
The development comes shortly after the European Union provided €13 million (about K26 billion) in direct budgetary support to Malawi.