$1 million partnership to boost Nacala SMEs
Malawi Investment and Trade Centre (Mitc) is implementing a $1 million technical assistance project under the African Development Bank (AfDB) aimed at improving the efficiency and competitiveness of local businesses operating along the Nacala Corridor.
The Fund for African Private Sector Assistance (Fapa)-Malawi Nacala Corridor Value Chain Development Project is targeting Small and Medium Enterprises (SMEs) in the agro-processing sector that can easily access the Nacala Corridor to penetrate regional markets.
Mitc Public Relations Manager, Deliby Chimbalu, said the project will focus on promoting value addition and export of leguminous crops.
“This project will provide capacity building and business linkage’s support to local businesses along the Nacala Corridor in order to enable them to benefit from the large infrastructure development along the corridor,” Chimbalu said.
She further said the project will facilitate access to finance for SMEs since this has been a big challenge facing many local businesses.
The multi-donor Fapa aims to support the implementation of the AfDB’s Private Sector Development Strategy by providing untied grants for technical assistance and capacity building to African governments, regional economic communities and intergovernmental organisations, business associations, market regulatory institutions, business development service providers, business training and research institutions and public or private enterprises.
In Malawi, the Fapa project is being implemented by Mitc.