K15bn loan fund opens for youths, women

Young people and women across Malawi could soon have a better chance of starting or expanding businesses after government released billions of kwacha for empowerment loans, with beneficiaries now expected to submit applications to access the funds.

Minister of Finance, Economic Planning and Decentralisation Joseph Mwanamvekha has disclosed that Treasury has released K15 billion to the Malawi Enterprise Development Fund (MEDF) to finance loans for young people and women across the country.

Presenting the update in Parliament on Tuesday, Mwanamvekha said subsequent releases of funds to MEDF will depend on the number of applications received from beneficiaries.

He also revealed that MEDF has already disbursed K1.2 billion to young people and women under the programme.

“This development confirms that funding is available for the youth and women. And attention now shifts to communities to ensure eligible applicants access the loans,” said Mwanamvekha.

He urged Members of Parliament, councillors, traditional leaders and local development structures, including Village Development Committees, Area Development Committees and Constituency Development Committees, to mobilise and assist eligible young people and women to apply for the loans.

Mzimba South Member of Parliament Chambulanyina Jere welcomed the release of the funds, saying government had honoured its commitment to make the financing available.

Jere also called on local leaders to step up awareness campaigns so that more eligible young people and women can take advantage of the empowerment loans.