Standard Bank plc on Monday committed more than K500 million towards education, skills development and entrepreneurship under a new youth empowerment initiative.
This comes at a time the bank seeks to contribute to unlocking the economic potential of Malawi’s predominantly young population.
Dubbed Project Youth, the initiative is designed to support young people through three pathways, including education and media advocacy, skills development and youth participation, as well as collaboration and partnerships.
Unveiling the project in Blantyre on Monday, Standard Bank Chief Executive Philip Madinga said the initiative was driven by the recognition that young people would play a critical role in Malawi’s economic transformation.
He said between 78 and 80 percent of Malawi’s population was below the age of 30, presenting both a challenge and an opportunity for the country.
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“Meaningful national transformation begins with investing in people. Education does more than provide knowledge; it builds confidence, but it also unlocks potential,” Madinga said.
He said investment in the youth could stimulate economic growth, innovation and entrepreneurship while contributing to social progress.
Under Project Youth, K261 million has been committed towards construction of a modern school block at Chivumbe Community Day Secondary School in Blantyre Rural.
The bank has also committed K50 million to the Malawi University of Business and Applied Sciences (Mubas) Endowment Fund, which supports needy students.
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A further K33 million has been committed to Hope for Blind, an organisation that supports young people with visual disabilities, while K68 million will go towards a joint Merit Scholarship Fund with Press Trust to support secondary school students, among other forms of support.
The investments come at a time the education sector continues to face challenges related to infrastructure, teaching and learning materials and inadequate human resources.
Speaking at the launch, Education Minister Bright Msaka said the youth represented Malawi’s most valuable resource and called for greater collaboration between government and other stakeholders to address challenges in the education sector.
“This is an important initiative. In our effort to develop the youth in education and other aspects of development, we require support from various partners and institutions,” Msaka said.
He said the government was making efforts to provide resources but significant gaps remained.
“We need more secondary schools to be built so that more children can transition from primary to secondary school. We also need more primary schools. We need more teachers,” Msaka said.
Mubas Vice Chancellor Nancy Chitera said Standard Bank’s contribution to the university’s endowment fund would provide sustainable support to financially disadvantaged students.
She said between 50 and 60 percent of MUBAS students are classified as needy, with some struggling to meet costs for tuition, transport, accommodation and food.
“What we are looking at is a sustainable way of helping the needy student who is the youth at the university. So, we are excited to partner with Standard Bank and for their important contribution [to the cause],” Chitera said.
