Malawi: Government Plead for More Financial Support to Promote Medium Enterprises

Government has underscored the need for more access to finance as it will help in execution of ideas into practical work.

Speaking on the sidelines of the official launch of the grants programme under Southern Africa Trade Connectivity Programme (SATCP), Minister of Trade and Industry Sosten Gwengwe highlighted the need for more support from development partners to promote medium enterprises as well as young women and men through finances to venture into businesses.

"Access to finance is our biggest constraint here in Malawi whereby our young women and men are full of ideas but to turn those ideas into something practical they are constrained by access to finance, and this loan that government got at which 50% is a grant from World Bank will go a long way as medium organisations who are illegible will get access," he said.

Bronex Kathyola who is the team lead for CCM Worldwide Consultants said, the programme will among others support micro and small organizations with business plan competition grants as well as medium and large organizations with matching grants worthy $500,000.

"We will produce adverts in different media platforms for those who are interested in to apply for these matching grants and we are targeting the agri-business industry along the Nacala-Beira corridor that is 15 districts in Malawi," he said

SATCP will fund demand driven risk sharing solutions with a medium and large enterprises across the country in the form of matching grants. The objective of this Matching Grant is to increase access to markets in selected value chains along the targeted corridors through improved capacity, productivity, quality standards, and coordination.

This article originally appeared in the Nyasa Times.