By Pemphero Malimba
The Ministry of Industrialisation, Business, Trade and Tourism has disbursed $4.5 million(approximately K7.8 billion) billion worth of matching and business plan competitive grants to about 120 medium and large companies and micro and small enterprises.
The grants are part of the Southern Africa Trade and Connectivity Project (SATCP), which the World Bank funds.
The 120 consists of eight medium and large companies and 111 micro and small enterprises. The benefitting medium and large companies were selected from a list of 284 applicants while the micro and other enterprises were part of 1,308 applications from 15 districts.
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The medium and large companies received matching grants amounting to $2,516,795 million while the micro and small enterprises received Business Plan Competitive Grants worth $2,022,533.31.
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Speaking during the presentation of dummy cheques to the beneficiaries in Lilongwe yesterday, Deputy Minister of Industrialisation, Business, Trade, and Tourism Edgar Tembo said the initiative was in line with the government’s efforts to promote industrialisation.
He said small enterprises should use the grants to transform their business ideas and plans into viable and sustainable enterprises.
Tembo said the grants were crucial as they fell in line with the Malawi 2063 vision, which places industrialisation and increased productivity at the centre of the country’s economic transformation agenda.
“Programmes such as the Matching Grants and Business Plan Competitive Grants directly contribute to these aspirations by enabling enterprises to strengthen their productive capacities, participate in value chains, create employment and access wider markets,” he said.
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Nasfam Chief Executive Officer Betty Chinyamunyamu described the grants as a vote of confidence in the potential and ability of local producers.
