Malawi Agricultural and Industrial Investment Corporation (Maiic) has approved three projects that are expected to receive the first funding from the institution by end March.
In an interview, Maiic Chief Executive Officer, Taz Chaponda, said in the five months the institution has been operational they have been studying 12 project funding applications out of which four were presented to the board for approval.
The board has since approved three and is vetting the last one.
He said disbursement of the funds will depend on time the project sponsors will meet the conditions.
“I cannot disclose the projects now or how much they will get but I can tell you that one is in the tourism and hospitality industry, another in the sector of feed production and the last one involves skills development. Once they have accepted and signed, we will be happy to share with you all the details,” Chaponda said.
The development follows calls from the private sector for the institution to start ticking after its secretariat was set up in September last year.
Maiic was established in 2018 and a secretariat was set up in 2019.
It stems from findings of a studies in 2013 and 2018 that found that the government-led development finance institutions were plagued by numerouns bureaucratic hitches.
Its shareholding structure has the Malawi Government having a stake of 20 percent and 80 percent to come from the private sector, the public and foreign investors.
The government provided the initial seed capital of $25 million (about K18.5 billion) and that Maiic is engaging local financial institutions, the private sector and international development finance institutions to raise the rest of the capital.