Dr Livingstone established the first links between Scotland and Malawi 150 years ago when he went there as a missionary.
Alex Salmond made the announcement at Livingstone's birthplace in Blantyre, South Lanarkshire where he welcomed Malawi president Joyce Banda.
A total of 15 projects run by Scottish organisations in the south-east African country will share £4,920,106 over the next three years from the Scottish Government's International Development Fund.
Nine of the projects are related to healthcare and the other six projects are involved in sustainable economic development.
Making the announcement, the First Minister spoke of the "enduring and strong relationship" between Scotland and Malawi.
"I am particularly pleased that as we welcome President Banda, only the second-ever female head of state in Africa, that several of the projects we are supporting have a focus on women and children such as supporting professionals delivering maternal and child healthcare, and improving maternal and neonatal care in rural areas.
"It is also important that we focus on economic development in Malawi.
"The Scottish Government is committed to working with the people of Malawi and continuing the partnership of skills and expertise that currently benefits Scots and Malawians every year."
Charities to benefit from the new cash include Sciaf and Oxfam Scotland.
While in Scotland Dr Banda will also address the Scottish Parliament, honouring the life of Dr Livingstone.