Al-Suwaidi signs a memorandum of understanding worth one billion dollars to establish development projects in Malawi


Ahmed El Sewedy, CEO of El Sewedy Electric Group, signed a memorandum of understanding worth $1 billion to build projects in Malawi, one of the African countries. 

After signing the agreement to the world today on the sidelines of the African Intra-African Trade Fair 2021 in Durban, South Africa, Al-Suwaidi said that the memorandum of understanding aims to achieve sustainable development in Malawi by building many development projects such as stations and electricity networks, and so on. 

Al-Suwaidi added that the African Export-Import Bank (Afrixim Bank) played a major role in the successful completion of the memorandum of understanding with Malawi, and implementation of the projects will begin according to the plan and the feasibility study set. 

Organized by Afrixim Bank in cooperation with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, the exhibition will be held at the Durban International Convention Centre, KwaZulu-Natal, South Africa, from 15 to 21 November 2021. 

According to the bank, IATF2021 is expected to attract more than 10,000 participants from all over Africa with $40 billion in trade and investment deals scheduled for the event, which means that the conference provides unparalleled opportunities for business and business networking and boosts intra-African trade and investment. 

Attendees will also be able to see 1,100 exhibitors displaying their goods and services, while B2B and B2G exchanges provide opportunities for more deals, business matchmaking and networking, according to a previous statement from the bank