The event, will run from April 28 at the College of Medicine (CoM) in Blantyre.
Both Countrywide Car Hire managing director Mike Mlombwa and SRCL interim chairperson Stanley Mtuwa have confirmed signing a contract for the event which will be divided into menâ€™s A and B; and ladies categories.
â€œWe have decided to bankroll the competition after scrutinising their sponsorship proposal which appeared to be comprehensive. Apart from that, chess seems to be a decent sport. We have agreed that the competition would become an annual event if the initial one impresses us,â€ said Mlombwa, adding, â€œit is good to say thank you to the society that gives us business in a special way.â€
According to Mtuwa, the chess contest, which will have the qualifiers on April 28 and 29, will accept both members and non-members of the league.
â€œNon-members will pay K1 000 (about $6) registration fee whereas members will pay K500 (about $2.99). Those that would like to participate in the competition and, at the same time, register as our members will pay K1 500 (about $9),â€ he said.
The Countrywide Car Hire boss also sponsors a K2.5 million social football contest at CoM.
Meanwhile, the Chess Association of Malawi (Chessam) has announced that the World Chess Olympiad qualifiers for the Central Region will be held this Saturday and Sunday at Lilongwe Technical College.
Chessam general secretary Leonard Sharra said only those that have paid the K2 000 (about $11) registration fees will be allowed to take part in the qualifiers.
Sharra said the top six players will qualify for the national finals scheduled to take place in the capital during Easter.
â€œRated [ranked] players are seeded for the finals and they are Chiletso Chipanga (Zomba), Joseph Nyambalo (Blantyre), Alfred Chimthere, Chuma Mwale and Petros Mfune (Lilongwe),â€ he said.
National champion Joseph Mwale is also seeded.
According to Sharra, Malawi is expected to send male and female teams comprising five players each and these will be identified at the national finals.
Turkey will host the global chess event between August and September this year.