Malawi, World Bank commit to $140m education loan

Malawi's Finance Minister says the country will take a $140 million World Bank loan to boost its educational system.

Finance Minister Ken Kandodo says the agreement is a major step toward improving education in the southern African nation.

The bank says the loan will allow Malawi to create 5,000 new classrooms for primary and secondary schools.

Malawi spends 24 percent of its national budget on education, although the country has 88 students for every teacher, one of the highest ratios in Africa.

World Bank official Sandra Bloememkamp says Malawi needs to invest in education to help sustain its economic growth, which is predicted to be more than 7 percent this year.