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Old Mutual Investment Group (OMIG) in partnership with Standard Bank Malawi Plc is pleased to announce a MK34.5 billion successful capital raise transaction for the Roads Fund Administration (RFA) to rehabilitate Kenyatta Road and Mzimba Street in Lilongwe.
Through this project, scope of works outlined below, many jobs will be created which highlights Old Mutual's Responsible Investment ethos to champion the pursuit of superior returns for our customers, while positively impacting the communities in which we operate.
Kenyatta Road
The total distance coverage for Kenyatta Road is 3.9km and for Sharrar Street is 0.3km. The works will involve improving the existing road to have six lanes with three lanes in each direction. The works will also involve Construction of Partial Cloverleaf (ParClo) replacing the roundabout at Kamuzu Central Hospital (KCH). The ParClo will also involve construction of a bridge to accommodate the introduced grade separation. Mzimba street shall be overpass with a fly-over bridge having a vertical clearance of 5.7m. Kenyatta Drive shall be the underpass. The scope for Sharrar Street will involve improving the existing road to have 4 lanes with 2 lanes in each direction.
Mzimba Street
The total distance coverage for Mzimba Street is 3.96km. The existing road is a single carriageway of bituminous surface with unsealed shoulders expect for section starting from Amina roundabout to Mchinji roundabout. The project will involve upgrading of the existing road between Central Medical Stores Trust and Amina roundabout to have 6 lanes with 3 lanes in each direction while the section from Amina roundabout to Mchinji roundabout shall be improved to dual carriage way.
Demonstrating our Responsible Business approach
Through our Alternative Investments capability, we have demonstrated our Responsible Business approach by involvement in several investments within the agriculture, education (through our student housing project) and now the transport sector through our Old Mutual Infrastructure Investment Trust Fund that has committed an amount of K11 billion towards this Kenyatta Road and Mzimba Street Rehabilitation Project.
With this transaction, we have also demonstrated our core strength as an integrated financial services entity. On the one hand, providing financial advisory to the Roads Fund Administration through our Old Mutual Investment Group Origination capability, in partnership with the Investment Banking arm of Standard Bank Malawi, while on the other, committing the required capital through our Old Mutual Infrastructure Investment Trust Fund for a seamless and successful capital raise. At Old Mutual, every service offering is based on our purpose to help our customers achieve their lifetime financial goals.
Involvement in this project marks a milestone achievement for Old Mutual (Malawi) Limited and our drive towards driving infrastructure development that unlocks Malawi’s growth potential. We are particularly proud of the community impact which will enable improved road networks, interconnection, and accessibility of our cities for trade and industry and economic growth for the betterment of our customers and Malawians at large.
Malawi is making strides towards being a self-reliant nation with the vision spelt out within the Malawi 2063 strategy blueprint. Key to this vision becoming a reality, is infrastructure development and the realisation that connecting our cities and our people through quality roads will help us to ably contribute to the ultimate goal of a self-reliant Malawi with low levels of poverty.
As a business, OMIG is committed to similar collaborations in the contribution of the social-economic development of Malawi.
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