Malawi: Malopa Pitch for $2.6bn Cape Maclear Project At UK-Africa Investment Summit

22 January 2020

Promoter of an ambitious Cape Maclear the $2.6 billion (K1.9 trillion) project in lakeshore district of Mangochi, Bright Malopa, attended the UK-Africa investment summit seeking to attract more investors to project that could change the face of Monkey Bay and turn it into a mini city.

Malopa beckons investors in London

Malopa, who is an employee of Malawi Communications Regulatory Authority (Macra), is on rcord saying investors have shown interest to fund part of the venture consisting three projects conceived and pursued by Cape Maclear Hotel and Golf Resort Limited.

He is on record saying they have already identified sponsors, including NEO Energy Asia, China Harbour Engineering from China, Al Manhal International Group from Abu Dhabi in United Arab Emirates (UAE) and AE7 Group of Companies as project finance and development managers.

However, Malopa has been taking on social media photos of his meetings in London where he has been beckoning investors to fund part of the tourism project.

"Cape Maclear Resort Project will consist $750 million [K549 billion] touristic, leisure and residential project featuring five hotels, 700 serviced residences, a signature golf club and golf course, tennis academy, a marina, an aqua park, an aquarium, a cultural village and a major events arena. We want to have this project take off," said Malopa.

According to Malopa, investors are ready to pump into this project between 30 percent and 40 percent of the total project cost whereas the rest will be debt from PTA Bank, African Development Bank (AfDB), Afrexim, KFW and HSBC and hedge funds from Switzerland subject to clear position on Mangochi Airport.

Malawi Investment Trade Centre (Mitc) said Cape Maclear Initiative is one of the projects in the compendium that country took to the London summit.

See What Everyone is Watching

More From: Nyasa Times

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.