GIZ Malawi Country Director, Inge Baumgarten and NICO Pension’s Chief Executive Officer Gerald Chima singing the MoU
* Signs MoU with GIZ Malawi which represents a shared commitment to working together
* To address the challenges faced by Malawi’s private sector and, in particular, MSMEs in the agricultural sector
By Victor Singano Jnr
NICO Group, through its subsidiaries NICO Pension, NICO Asset Managers and NICO Life, has reaffirmed its commitment to supporting and uplifting micro, small & medium enterprises (MSMEs) in the agricultural sector to ensure they translate business training into practical investments for growth.
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The Group has signed a memorandum of understanding (MoU) with GIZ Malawi, where the three subsidiaries jointly invested K40 million in to support agri-businesses participating in the More Income and Employment in Rural Areas (MIERA III) and Employment Promotion for Women for the Green Transformation in Africa-Malawi (WE4D) projects.
These are being implemented by GIZ Malawi on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).
Under MIERA III and WE4D, agri-businesses are being equipped with business development training and coaching to help them improve their business plans as well as develop strategies to become more climate-resilient and gender-inclusive.
“This partnership reflects the One NICO Group’s commitment to supporting enterprise development,” said NICO Pension Chief Executive Officer, Gerald Chima.
“This contribution will support equipment procurement, turning plans into practice, improving productivity and strengthening the ability to respond to climate-related challenges.
“Business training lays the foundation, but entrepreneurs also need the tools to put that knowledge to work. So through One NICO, we are bringing our resources together to help these businesses take that next step.
“By investing in their growth and resilience, we are supporting opportunities for greater productivity, employment and income for Malawi,” said Chima.
GIZ Malawi Country Director, Inge Baumgarten, described the partnership as crucial, saying it will play a significant role in ensuring Malawians benefit and live better lives.
“For us, this is more than simply the signing of a memorandum of understanding — represents a shared commitment to working together to address the challenges Malawi’s private sector and, in particular, our MSMEs in the agricultural sector, face.
“These agri-businesses that will be supported through this MoU play a key role in the economy and have enormous potential to create income, employment and opportunities for youth and women — as well as contribute to a green and gender-inclusive economy through innovation,” said Baumgarten.
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