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Malawi launches mega loan program for youth and women

Malawian President Peter Mutharika on Wednesday launched a mega loan program in Blantyre district aimed at developing and reviving small scale businesses for the youth and women in the country.

The 18-million-US dollar program, which is known as Malawi Enterprise Development Fund (MEDF) is expected to become one of the Malawi’s strategies to achieve government’s vision 2063 goals, the president said.

Mutharika said during the launch that the government is trying its best to ensure that the youth and women have a viable financial access in the country.

He further said that the government can not achieve its development goals if the youth and women are not empowered financially.

During the event, minister of finance Joseph Mwanamvekha disclosed that the government has put strategic methods to ensure that the loan opportunity benefits the targeted youth and women in the country without any segregations on grounds of politics and tribal background.

He further asked the youth and women to kindly return the loan in order to make the program sustainable for generations to come.

The minister also highlighted that the government is looking forward to the youth and women that they will be able to expand their businesses, which will certainly boost the economy of the country.

The Malawi Government established MEDF with the approval of Parliament as a revolving fund whose returns ensure regional and constituency equity. The objective of the fund is to assist Malawians who wish to set up small businesses in the country by providing them with financial means of setting up new businesses or expanding one.

Source: Xinhua

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