The World Bank will fund the Community Savings and Investment Promotion (Comsip) with $4 million (about K3 billion) for the next two years after getting satisfied with the impact the programme has made.
The bank’s senior operations officer, Ivan Drabek—who was in Malawi to appreciate projects its partners were implementing—said he was contented to see the lives of ordinary Malawians transforming through the services offered by Comsip and other organisations.
He noted that despite Comsip receiving negligible funding from the Local Development Fund ($2 million per year), results on the ground went beyond the bank’s expectations.
“From the Masaf 4 Project, which we are funding with over $100 million, only about $4 million goes to Comsip. Honestly, the work on the ground is great and, because of that, I wanted to assure the people of Malawi that the bank will continue offering support for the next two years,” he said.
He further said the bank would consider increasing the allocation to the organisation after June 2018.
Comsip is a mother body of all cooperatives in Malawi and aims at empowering local communities through various interventions.
With funding from the bank, Comsip is implementing some programmes in nutrition and health, value chain addition and economic empowerment.
Comsip chief executive officer, Tenson Gondwe, was grateful to the bank for the support which he said would uplift the living standards of Malawians as well as improve the country’s economy.
“Through the project, we expect to reach out to 12 000 families,” said Gondwe.
The World Bank team toured some cooperatives in Traditional Authority Chadza’s in Lilongwe.