* As President Chakwera tips small-scale business operators on wealth creation at an interface meeting
* His administration values inclusive wealth as enshrined in the MW2063 national vision
By Memory Kutengule Chatonda, MANA
President Lazarus Chakwera has called on small-scale business operators to explore untapped opportunities available in the country for them to generate wealth.
Advertisement
He made the remarks on Thursday at Sanjika Palace during an interface meeting with small-scale business operators — including car dealers, tailors, call boys, mini bus drivers, among others — saying his administration values inclusive wealth as enshrined in the MW2063 national vision.
He advised the small-scale business operators to use resources available to generate much-needed income to graduate from the current level: “People say Malawi is the poorest country but that is not a true reflection of it.
“This country is endowed with abundant and precious resources. Let us see ourselves that we are capable of developing this country own on own.”
He further advised authorities from the National Economic Empowerment Fund (NEEF) to consider revising the terms and conditions for accessing loans so that business people should benefit from the fund to scale up their economic ventures.
Pictures by Arkangel Tembo, MANA
Present at the meeting was NEEF Regional Manager for the South, Copeland Ngwira, who encouraged the business operators to continue applying for loans as individuals or groups to expand their businesses.
He disclosed that K86 billion has so far been disbursed to 158,000 clients across the country with K28 billion given to over 57, 960 clients from the Southern Region.
He then advised their clients to use the loans for their intended purpose so that they can ably pay back in due course.
One of the business operators, Mervis Latif commended President Chakwera for granting the vendors an opportunity to interact with him and she asked the government to address some of the challenges they face in their day-to-day operation such as lack of designated places for businesses.
Other representatives appealed to the President to intervene in sorting out license issues at the road traffic directorate and rehabilitating bus depots.
Minister of Local Government, Unity & Culture, Richard Chimwendo Banda commended hailed the business operators for contributing to the socio-economic development of the country by, among other things, creating jobs to support the country’s vision, particularly on wealth creation.
He then advised them to advocate for peace and unity in their respective places.
President Chakwera is expected to conduct similar interface meetings with small business operators in the central as well as northern regions.
Advertisement
Meanwhile, Malawi and the US African Development Foundation (USADF) have agreed to extend partnership with up to US$7.5 million commitment over next five years for agricultural development.
Travis Adkins, USADF president and chief executive officer said the renewal of the funding partnership aims at improving broad scale sustainable economic growth and enhance the living standards of people in this country.
Adkins said the renewal of this partnership has targeted Malawian smallholder agricultural producers, cooperatives, farmer groups, small scale agribusiness and small and medium sized enterprise (SMEs) because they are cornerstones of Malawian economic growth.
He further disclosed that this is a five-year US co-funding partnership which commits up to US$1.5 million a year in quest to alleviate Malawi citizenry living standards through SMEs, smallholder agricultural producers, small scale agribusiness among others.
On his part after signing the partnership, Minister of Finance & Economic Affairs, Simplex Chithyola Banda assured that the funding will expand capital SMEs in order to increase export earnings, hence improving forex generation.
He, however, urged recipients to use the funds with the intended purpose.
“We believe that with proper management, we are going to make the difference and make Malawi better,” he said.
Since 2008, this partnership has collectively awarded US$5 million in grant funding, supporting 35 small scale Malawian agribusiness, farmer groups, cooperatives, and small and medium-sized enterprises.—Additional reporting by Elia Chibwe, MANA
Advertisement