Press release -
Swedfund cooperation with Escom Malawi for transmission project upgrade
Swedfund Project Accelerator cooperates with Escom Malawi on an Environmental and Social Impact Assessment (ESIA), as part of developing the Eastern Backbone transmission grid upgrade project. By improving the grid, more people and industries can get reliable access to power and the conditions to integrate more renewable generation will be improved. This is important because load on the grid increases with energy mix and transition to renewables that mean more unstable flows.
During the cooperation announcement ceremony on the 9th of November, Escom Chief Executive Officer Kamkwamba Kumwenda underlined that the grant has come at the right time when the entity is geared to improve electricity supply. Kumwenda added that the line, once renovated and upgraded, will facilitate the Malawi-Tanzania interconnection which will see Malawi tapping power from the neighboring country.
- I assure you that this grant from the Swedfund will be there to support our aspirations and dreams for that future with more development, more services, and more opportunities for every family in our communities, Escom Chief Executive Officer Kamkwamba Kumwenda said.
- There are potentially significant benefits for development, energy access and climate emission reduction from investments in the upgrade of transmission infrastructure in Malawi and the region. Our cooperation with Escom will include project development support and financing of an Environmental and Social Impact Assessment. The ESIA is an integral part of moving the project forward in a responsible way and will also facilitate Escom’s ability discussions with to secure financiers for the implementation of the grid upgrade, said Swedfund’s Karin Kronhöffer, Director Strategy and Communication.
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About Swedfund
Swedfund is Sweden's development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Our investments in the private sector contribute to a growing number of jobs offering decent working conditions and increases access to essential products and services like electricity and healthcare. Climate and gender are themes that permeates our investment process.
Swedfund invests in energy & climate, financial inclusion and increased access to capital for micro, small and medium-sized companies as well as healthcare and digitalization.
We are part of Swedish development corporation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Finance. We are financed through reflows from the portfolio and capital injections from the development assistance budget. The return from the portfolio finances our operations and we reinvest reflows from our portfolio in new projects, i.e. we recycle our capital injections.
For more information: please visit www.swedfund.se/en| www.edfi.eu
