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World Bank gives Maiic $16 million boost

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Taz chaponda

The Malawi Agricultural and Industrial Investment Corporation (MAIIC) has secured a $16 million [about K12 billion] loan from the World Bank to boost businesses among small and medium enterprises (SMEs).

The funds would benefit SMEs in agriculture, Information and Communication Technology (ICT) and manufacturing sectors.

According to the corporation, the initiative is under the five-year Financial Inclusion and Entrepreneurship Scaling (FInES) Project.

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Maiic Managing Director Taz Chaponda said the FInES project would help boost the level of direct support to small businesses in form of loans, equity funding and technical assistance.

“The broad terms have already been agreed with the World Bank and Maiic and we are looking forward to kick-start this new credit facility by mid-April,” he said.

In a separate interview, Maiic Chief Enterprise Development Officer Faustus Sikwese said the corporation will be looking for profiles of entrepreneurs, their experience in the business, plans and business viability as well as financial records.

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“The sole purpose of this intervention is to support businesses affected by Covid. We want the SMEs to prepare the necessary documents.

“We are finalising our agreements with the World Bank and in May we may start disbursing the funds to the SMEs,” Sikwese said.

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