Tuesday, April 13, 2021
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

AfDB dangles K2.5bn for SMEs

by Steve Chilundu
04/05/2019
in Business News, Front Page
3 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

The African Development Bank (AfDB) has identified Malawi and other seven African nations to benefit from the $3.3 million (about K2.5 billion) Agriculture Fast Track Fund (AFT) to support Small and Medium Enterprises (SMEs) in the agriculture sector.

The funding is expected to carter for 17 new SMEs in the agriculture sector as part of its transformative support for food security, income enhancement, job creation, and improving the livelihoods of smallholder farmers in Africa.

RelatedHeadlines

Billions spent,No safe water

Pre-budget dialogue draws mixed views

Nasfam tips govt on AIP execution, future

Incubators Malawi | The Nation Online
The new funding window will assist SME’s in agro sector

According to a statement from the bank eight African countries will benefit from the funds and they include Ghana, Tanzania, Burkina Faso, Malawi, Mozambique, Ethiopia, Nigeria and Senegal.

The fund will finance a broad range of agriculture infrastructure, spanning the entire value chain-from production to the market, as well as rural feeder roads to irrigation, agro-processing and marketing facilities, and out-grower schemes.

 “The AFT Fund is managed by the Agriculture and Agro-Industry Department of the African Development Bank and supports the development of a strong pipeline of bankable agriculture infrastructure projects and assists African agribusiness SMEs in project preparation activities to ease their take-off,” reads the statement in part.

National Small and Medium Enterprises (Nasme) national director William Mwale on Wednesday welcomed the fund, saying the AfDB has over the years supported the country’s SMEs growth.

He said a lot of SMEs have been supported by the bank and are thriving and creating jobs.

“Support to the agriculture sector is strategic as the sector is the one that produce raw materials for manufacturing. We welcome the fund and hope in future SME numbers to benefit will increase,” Mwale said.

In an earlier interview, Chamber of Small and Medium Enterprises executive secretary James Chiutsi said local banks do not favour SMEs because they are mostly looking for quick returns.

“Banks do not aim at partnering SMEs to see them grow evidenced by the absence of no reasonable grace periods before the loan repayment starts. This encourages more SMEs to engage in pure trading than production ventures,” he said.

Bankers Association of Malawi chief executive officer Violette Santhe said most SMEs need long-term loans that allows them to grow.

A number of studies have stablished that access to finance is one of the impediments to the growth of SMEs.

Figures from the Ministry of Industry, Trade and Tourism show that the country has about 987 000 SMEs.

The AFT fund is supported by the governments of the US (through USAid), Denmark (Danida) and Sweden (Sida).

Avatar
Steve Chilundu
Previous Post

Limiting environmental damage can boost GDP in Malawi

Next Post

Initiative eyes 120 000MT of horticultural exports

Related Posts

borehole | The Nation Online
National News

Billions spent,No safe water

April 13, 2021
Mlusu: Government has commenced payment
Business News

Pre-budget dialogue draws mixed views

April 13, 2021
agriculture inputs | The Nation Online
Business News

Nasfam tips govt on AIP execution, future

April 13, 2021
Next Post
High mango production will boost the Malawi economy

Initiative eyes 120 000MT of horticultural exports

Opinions and Columns

Political Uncensored

Managing the dream

April 11, 2021
My Thought

Malawi needs fixing, not politicking

April 11, 2021
People’s Tribunal

Don’t intimidate Nyasaland Union of Teachers

April 11, 2021
Emily Mkamanga

Longevity in power no solution

April 11, 2021
https://www.mwnation.com/wp-content/uploads/2021/03/WFP-Afikepo-1-2.pdf https://www.mwnation.com/wp-content/uploads/2021/03/WFP-Afikepo-1-2.pdf https://www.mwnation.com/wp-content/uploads/2021/03/WFP-Afikepo-1-2.pdf

Trending Stories

  • Malawi Airlines is yet to post a profit since it took to the skies

    Malawi Airlines faces liquidation

    0 shares
    Share 0 Tweet 0
  • Covid-19 measures relaxed, bars open till late

    0 shares
    Share 0 Tweet 0
  • After hypocrisy MCP, UTM will part ways

    0 shares
    Share 0 Tweet 0
  • Businesses say can’t breathe

    0 shares
    Share 0 Tweet 0
  • Court favours Unima on virtual graduation

    0 shares
    Share 0 Tweet 0
  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2021 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.