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Micf to support private sector

Malawi Innovative Challenge Fund (Micf) has launched an $8 million competitive and transparent mechanism aiming at providing grant finance to the private sector for innovative projects with focus on the Malawi’s agricultural and manufacturing sectors.

Sponsored by the United Nations Development Programme (Undp) and UK Aid, Micf has emerged as a mechanism that strives to meet the needs of the private sector.

 Speaking during the launch, Undp resident representative Mia Seppo said the fund is looking for projects that are extraordinary and new that could bring about a major change to benefit the poor if successful.

“We have high ambitions for the Malawi Innovation Challenge Fund and hoping that the fund will help companies pursue a number of innovative new projects that will have a real, positive and sustainable impact on the way business is conducted, and markets operate, in Malawi,”she said.

Seppo said the funds are neither for people who are high on ambition, but lack the capacity to execute the project and deliver meaningful results nor for companies that have relatively low-risk projects that can readily access commercial banks for lending or other kinds of conventional financing.

To access the fund, applicants should at least have a minimum of $250 in either monetary or asset form and download the application form from a given website and submit them to the Micf fund managers.

Successful applicants will be awarded a matching grant within a period of three to four weeks after submission of their proposals.

 

 

 

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