Kokoliliko Holdings, a newly established diversified firm, has unveiled plans to invest $100 million (about K77 billion) in 28 projects in varous sectors to spur economic development.
The firm’s director Daud Suleman said this in an interview on Thursday in Lilongwe at the end of a three-day training for members of three cooperatives under the company.
He said the firm has already secured funding worth $50 million (K39 billion) from international financiers for its projects while the remaining $50 million will be raised locally through public shareholding initiatives.
Suleman said they will follow the cooperative model on their projects, with participants being part of investors through shareholding.
The company has formed three cooperatives, namely Kokoliliko Media, which will have a radio, newspaper and an online publications; the Protgrow Cannabis to grow and process medicinal cannabis; and Kokoliliko, which will implement several projects.
Said Suleman: “The cooperative model ensures that there is a safeguard net for everyone else. When we started Kokoliliko Holdings, there were questions about ownership and investment capital.”
He said the firm is targeting three million Malawians to participate to contribute minimal amounts in a cooperative model to raise capital locally.
Some of the projects lined up include mega farms to produce and process non-traditional cash crops into finished products crops, poultry and dairy production, among others.
The firm hopes to help in the creation of jobs and promoting import substitution.
Registrar of cooperatives in the Ministry of Industry Wiskies Mkombezi said cooperatives are key in any economy because they grow to become large companies which grows the economy.
He said: “Cooperatives are critical in a developing economy such as ours because they involve participation of a good number of people in economic activities.
“In other countries, cooperatives contribute 50 percent to the economy, but here in Malawi, we are yet to ascertain the contribution because it varies from sector to sector.”
On his part, Minister of Youth and Sports Ulemu Msungama said the ministry supports Kokoliliko Holdings initiatives because it is mostly targeted at youths and women.