Announcement of Maldives Receives 8.5 Million Dollars for Land Development Program on March 24, 1975

• INTERNATIONAL DEVELOPMENT ASSOCIATION 1818 H STREET, N.W .. WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 IDA News Release No. 75/13 March 24 11 1975 MALAWI RECEIVES $8.5 MILLION FOR LAND DEVELOPMENT PROGRAM The International Development Association -- an affiliate of the World Bank -- has approved an $8.5 million credit for the third phase of the Lilongwe Land Development Program in Malawi. IDA helped finance the first phase with a $6.0 million credit in 1968 and the second phase with another credit of $7.25 million in 1971. Rural development is a primary social and economic objective of the Malawi Government. It is intended to raise agricultural productivity and increase rural incomes. In order to achieve these goals,several integrated rural development schemes are being undertaken. The third IDA-supported project is the final phase • in the Lilongwe Land Development Program area, where about 100,000 rural families (500,000 persons) live. This phase, with an estimated total cost of $12.1 million, will cover additional 32,000 farmers who have not yet benefited directly from th,e program. The credit will help finance the construction of 15 unit centers, survey, demarcation and registration of land, credit to farmers, livestock development, health facilities, extension services,project preparation a.nd a project evaluation unit. The United Nations Capital Development Fund is expected to participate in the project with a $1.6 million grant. The IDA credit -- to the Republic of Malawi -- will bE~ for 50 years including 10 years of grace, interest free except for a service charge of 3/4 of 1% to cover IDA's administrative services. Note: Money figures are expressed in US dollar equivalents • • Bank/IDA News Release -2- March 24, 1975 The International Development Association's $8.5 million credit is for the third phase of the Lilongwe Land Development Program in Malawi. IDA helped finance the first phase with a $6.0 million credit in 1968 and • the second phase with another credit of $7.25 million in 1971. Rural development is a primary social and economic objective of the Malawi Government. It is intended to raise agricultural productivity and increase rural incomes. In order to achieve these goals several integrated rural development schemes are being undertaken. The third IDA-supported project is the final phase in the Lilongwe Land Development Program area, where about 100,000 rural families (500,000 persons) live. • Note: Money figures are expressed in US dollar equivalents. •