By The Forum

President Peter Mutharika has praised Standard Bank as a key strategic partner in Malawi’s drive to modernize infrastructure and accelerate economic growth.

Speaking on Friday at Sanjika Palace in Blantyre during a meeting with bank officials, Mutharika said the institution has played a critical role in supporting the country’s economy over its 57 years of operation.

He highlighted the bank’s involvement in facilitating fuel imports, including providing letters of credit.

“They have helped us before in areas such as oil importation and access to letters of credit,” said Mutharika.

The president also commended Standard Bank for its contribution to infrastructure
development, particularly roads, and welcomed plans to expand support into sectors such as mining, rail and agribusiness.

“These investments will help accelerate the country’s development. It is encouraging that the bank is expanding into areas like infrastructure, mining and road maintenance to help rebuild
our roads,” he added.

Mutharika emphasized the importance of private sector participation in national development, describing it as essential to economic progress.

“No country has ever developed without the private sector. While government laid the foundation through education and public services, the economy has largely been built by private enterprises,” he said, citing companies such as Mandala and the African Lakes Corporation, as well as the tea and tobacco industries.

Standard Bank Plc Chief Executive Officer Philip Madinga reaffirmed the bank’s commitment to supporting Malawi’s development agenda, despite global economic uncertainties.

He said the bank currently provides the largest share of financing for fuel imports, with facilities nearing $100 million.

“We want to affirm our commitment to continue supporting the importation of strategic commodities, particularly fuel, as well as fertilizer and pharmaceuticals,” Madinga told reporters after the meeting.

Madinga said the bank is also seeking to partner with the government to unlock more than MWK4 trillion in investment across priority sectors.

He cited infrastructure development as a key focus area, noting the bank’s role in financing projects such as the six-lane road in Lilongwe.

“We want to do more by working with the government and other partners on rail, roads, airports and other infrastructure,” he said.

The bank is also interested in supporting planned rail rehabilitation projects under the Roads Fund Administration.

Madinga further emphasized the need for structured dialogue between government and the private sector through platforms such as the Growth Conversations Forum.

“We want meaningful engagement with key stakeholders, including the Ministry of Finance, the Ministry of Trade, and the Chamber of Commerce, to identify and prioritize areas where we can make the greatest impact,” he said.

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