China to fund construction of modern stadium in Malawi capital

09:10, November 20, 2009      

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The People's Republic of China, through its Export-Import Bank Bank, has pledged to provide a 65-million-U.S. dollar loan to Malawi towards construction of a modern national stadium in the capital, Lilongwe.

Malawi Parliament has already authorized the government to go ahead and borrow the funds from the Export-Import Bank of China.

"The project is one of the activities to be carried out pursuant to the framework of cooperation between the Government of Malawi and the Government of the People's Republic of China in support of Malawi's economic and social development agenda," stated an authorization bill that parliament has approved.

The bill said the national stadium, whose seating capacity would be 40,000 people, would be able to host all kinds of sporting disciplines in Malawi, adding that the stadium would have a standard natural grass football area and 10 synthetic tracks.

The national stadium project has closely followed signing of a pact between the two countries towards construction of an international conference centre and a five-star hotel in Lilongwe.

China and Malawi two months ago signed a memorandum of understanding in Lilongwe through which Malawi will borrow about 92.3 million dollars from the Export-Import Bank for the construction of the two major projects that would completely change the face of Lilongwe.

The Malawi National Assembly approved the loan facility in June authorizing the government to borrow the funds to finance construction of the International Conference Centre and a five star hotel alongside it.

Meanwhile construction of a 41-million-dollar ultramodern parliament that China is constructing also in Malawi's capital is underway and the contractors have indicated that the project would be complete by May next year.

Source:Xinhua
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