Malawi has signed a US$20 million agreement with Chinese company Hongtai Investment Group to supply two new marine vessels and modernise the Monkey Bay shipyard on Lake Malawi, officials announced Monday.
The memorandum of understanding covers the supply of a cargo vessel and a passenger vessel, alongside upgrades to the state‑run shipyard that manages port facilities and repair operations.
Ministry of Transport and Public Works principal secretary Bright Kumwembe described the deal as a “milestone” in efforts to modernise inland water transport and said it reflected growing investor confidence.
“Lake Malawi is an important national asset and its full potential can be realised through investment, innovation, modernisation and partnerships,” he said.
It is the second agreement Malawi has signed with a Chinese firm in six weeks, part of a broader push to improve services on the lake and create a competitive transport market.
Hongtai Investment Group’s chief executive Shan Jianping said the project, expected to take 18 months, would support Malawi’s ambitions to turn Lake Malawi into “a competitive transport and tourism corridor.”
The company will build and rehabilitate vessels, upgrade port infrastructure, transfer skills and technology, and improve passenger and cargo services.
JN/APA