The International Finance Corporation (IFC) is set to invest $15 million into Malawi’s fruit exporting company, Malawi Mangoes Limited to expand production, a statement by the international financial institution has revealed.

“The package will fund capital investment plans, including an expanded nursery, a new 1,200 hectare plantation, installation of climate-smart drip irrigation technology across the new farm and nursery, as well as expanded ripening chamber capacity and a second processing line at the processing facility,” said IFC in a statement.

Founded in 2009, Malawi Mangoes Limited grows, processes, and exports fruits in Malawi. It produces mangoes, bananas, pineapples, and other fruits. It also produces and exports mango and banana pulp for the European export market.

The economy of Malawi is predominantly agricultural, with about 90 percent of the population living in rural areas. Agriculture accounts for 37 percent of Gross Domestic Product (GDP) and 85 percent of export revenues.

The southern African nation’s most important export crop is tobacco, which accounts for about 70 percent of export revenues. In 2000 the country was the tenth largest producer in the world.

The country’s heavy reliance on tobacco places a heavy burden on the economy as world prices decline and the international community increases pressure to limit tobacco production.

By George Mpofu