* Projects it to reach approximately MK1.4 billion by March 2026 as Illovo completes its five year investment with K100 million
* The Endowment Fund was launched in 2021 with a clear but ambitious goal — to ensure that no bright student is forced to abandon their studies simply because they can’t afford tuition or accommodation
* We wanted to build something sustainable, something that would support students not just this year or next, but for generations to come
By Duncan Mlanjira
From the two initial instalments of MK400 million, which Illovo Sugar Malawi’s invested into Malawi University of Science & Technology (MUST) Endowment Fund, its value has grown to an impressive MK841,315,537 by March 31, 2025.
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And it is being projected that by March 2026, the fund will reach approximately MK1.4 billion following Illovo’s completion of its three-year investment with K100 million — making the sugar manufacturing company as the largest contributor to the Endowment Fund at K1 billion.
This was announced by MUST Council chairperson, Boyd Luwe when the university received the K100 million at a cocktail held at Protea Ryalls Hotel in Blantyre.
He applauded Illovo for joining the Endowment Fund which was launched in 2021 with “a clear but ambitious goal — to ensure that no bright student is forced to abandon their studies simply because they can’t afford tuition or accommodation”.
“We wanted to build something sustainable, something that would support students not just this year or next, but for generations to come,” said Luwe, a graduate of Malawi University of Business & Applied Sciences — then called the Polytechnic under the University of Malawi (UNIMA).
“On behalf of the University Council and the Board of Trustees for the Endowment Fund, management, students, and indeed all of us at MUST, I say thank you — thank you for believing in the future of Malawi. Thank you for choosing to walk this journey with us.
“Our partnership with Illovo Sugar Malawi Plc emerged from that shared vision. From our earliest engagements, Illovo demonstrated not just interest, but genuine commitment. Your leadership saw potential where others saw risk — and today, that trust is bearing fruit.”
He further announced that from other various contributors to the Endowment Fund, “it has now grown to nearly MK7 billion and already, over 100 students — many of whom had lost all hope — are back in class, studying, thriving and dreaming again”.
“That’s not just a statistic — that’s 100 families with restored dignity; that’s 100 futures reignited; that’s Malawi being built — one dream at a time.
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“So far, the support we’ve given students has come from the seed money the university itself put into the Fund. We wanted to lead by example — but the truly exciting part is what’s coming.
“The contributions from our partners, including Illovo, have been invested, and as those investments mature, they will begin directly supporting students.”
He took note that Illovo made its first contribution to the Endowment Fund on March 4, 2023, emphasising that the growth is “not just financial growth — it’s a strong statement of what strategic, well-managed investments can achieve for MUST’s future”.
“When the contributions mature, only the interest earned will be used to support more students, and not just once. Because of how we’ve structured the Fund, we only use a fraction of the interest earned, and the rest is reinvested.
One of the beneficiaries of the Fund, Wakisa Kandulu.—Pictures courtesy of MUST Communications
“This means the Fund keeps growing, and it keeps giving, year after year. This approach is what gives us confidence in the future. It means the Fund is not a short-term fix — I t’s a long-term solution.
“It’s our path to sustainability. We see a future where MUST can become financially independent, where we can do even more for our students, our researchers, and our country, without always having to knock on doors or wait for Government subvention.
“That day will surely come — it is not a question of if, but a matter of when. As MUST, we know we can’t do it alone. Today, as we thank Illovo Sugar Malawi Plc for setting such a powerful example, I want to extend a warm invitation to others — private companies, public institutions, individuals here at home, and Malawians abroad — please, come and be part of this vision.”
He shared that last month, a team from MUST was in the United States to meet with Malawians in the diaspora and potential collaborators: “The energy and enthusiasm we saw was inspiring. People want to give back — they just need a meaningful way to do it. The Endowment Fund is that way.”
He thus implored on all Malawians of goodwill who would like to make a difference, to get in touch with the Director of Finance “whether it’s K1,000 or K100 million, the support matters”.
“Illovo, you have shown us what is possible. Your generosity has not just changed lives but inspired us to dream bigger. The students you are helping today will be the engineers, innovators, and leaders of tomorrow — and their journey wouldn’t be possible without you.
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“As we receive this final K100 million today, we do so with a deep sense of gratitude — but also a deep sense of responsibility. We commit to using these funds wisely, transparently, and for the purpose they were intended.
“Together, let’s continue building. Let’s continue investing in the future — one student, one dream, one success story at a time,” said Luwe to a gathering that included top management of Illovo led chairperson of Board of Directors, Jimmy Lipunga & interim Managing Director (MD) Kondwani Msimuko; MUST Vice-Chancellor, Prof. Address Malata, Trustee of the Endowment Fund Board, Noel Mkulichi (FDH Bank MD and Bankers Association of Malawi vice-president); members of MUST University Council.
