This is an incredibly dangerous idea -- I do not think we should be genetically messing with mosquitoes, whatever the perceived or desired benefits, when the downside (a bad strain multiplying exponentially) could be horrible for all of us.
AFAIK there isn't much genetic engineering involved in that project at the moment. They just rear male mosquitos that are infected with a Wolbachia bacterium (making them sterile).
Conversely, if we find a way to do this safely, this could be important for far more than just malaria... and “just” solving malaria would be hugely beneficial.