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Maiic approves 72 projects at K7.7 billion

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The Malawi Agricultural and Industrial Investment Corporation (Maiic) has approved 72 projects, 28 under the Maiic window and 44 under the Financial Inclusion and Entrepreneurship Scaling (FInES) project window.

Total value of the approved projects is K7.7 billion, out of which K4.7 billion has been disbursed.

In an interview, Maiic acting Chief Executive Officer Lloyd Banda said more than 98 percent of the approved projects are on course.

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He, however, said only two small and medium entrepreneur projects, with a total value of K35 million of the current loan book size, were non-performing.

Banda said the persisting foreign exchange challenge is affecting the projects, especially for institutions which wanted to import machinery.

“There are customers who were granted credit facilities to assist in procuring machinery for processing products who are unable to procure the sought after machinery because of forex shortage,” Banda said.

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He said Maiic has financed long-term projects that have contributed to job creation for at least 1,000 people in the construction sector and another 490 skilled personnel post-construction.

According to Banda, Maiic encourages integration of smallholder farmers and small businesses which, he said, has created a market for over 4,100 smallholder farmers in the rice, soya, sunflower and dairy value chains.

He said the institution is promoting the use of clean energy through the provision of captive solar solutions for light manufacturing.

“This is expected to reduce costs incurred by companies due to machinery downtimes occasioned by load shedding experienced by the country.

“At household level, farmers in the dairy sector have benefitted from biogas cooking solutions,” Banda said.

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