Business
FISD scouts for investment partners for Lilongwe shopping mall project
February 05, 2020 / Bester Kayaye
The Foundation for Irrigation and Sustainable Development (FISD) is scouting for investment partners to construct a mega shopping mall in Malawi’s capital city, Lilongwe.
FISD CEO Frank Mwenechanya told Mining & Trade Review that construction of the mall in Area 43 along M1 road will cost K14 billion.
Mwenechanya said FISD is ready to partner both both local and foreign investors to execute the project which will commence in June this year.
He said: “We are much ready for the project as the land is already owned by FISD. We have 50% of the budgeted money and we are just looking for other investors to contribute the other half.”
“Apart from the 50% capital contribution, we have also about 30 to 35% in terms of warehouses, heavy construction vehicles, skilled staff, land surveillance equipment and many more.”
Mwenechanya explained that with the equipment readily available, the project will still start if the process to identify investment partners is not finalized by the commencement date.
He said management of the project will be very easy for FISD as the mall will be constructed a few meters from its headquarters in Kanengo.
Mwenechanya also said some foreign investors have already expressed their interest to pump in shares but the Company is only taking ample time to examine conditions before penning the partnership agreement.
Speaking at a cocktail that FISD organized for potential investors to market the project, CEO for Lilongwe City Council (LCC) John Chome hailed FISD for the project saying it is rare for a local firm to initiate such “a mega project which is expected to be a game changer for the capital city.”
“The city welcomes the development as it recognizes that any city requires investment to improve living standards of people. On top of that, we are proud that the project is being implemented by young entrepreneurs who are purely Malawians,” he said.
The area 43 mall is expected to have three supermarkets, a variety of retail shops, restaurants, two cinema halls, banks, gym, play area, office rooms, underground and outdoor car parking areas, complimentary spaces and lavatories for each floor.
With a mission of providing highest quality, professional and innovative irrigation, water and clean energy solutions, FISD specializes in design and implementation of innovative irrigation, water supply engineering works, clean energy and financing.
Besides being an irrigation and water supply contractor, FISD is specialized in installation of solar pumping irrigation systems; ground water exploration and drilling; solar off grid power; and self consumption and backup on-grid systems solutions.
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Rehabilitation:
The establishment of a stable and self-sustaining ecosystem, but not necessarily the one that existed before mining began. In many cases, complete restoration may be impossible, but successful remediation, reclamation, and rehabilitation can result in the timely establishment of a functional ecosystem.
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Remediation:
The cleanup of the contaminated area to safe levels by removing or isolating contaminants. At mine sites, remediation often consists of isolating contaminated material in pre-existing tailings storage facilities, capping tailings and waste rock stockpiles with clean topsoil, and collecting and treating any contaminated mine water if necessary.
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