The Malawi Enterprise Development Fund (MEDF) says it has reached out to more than five thousand individuals with the Youth and Women loans in the Central Region as of Wednesday, June 10, 2020.
The revelations were made by Minister of Gender, Child and Community Development Mary Navicha, MP, who presided over official cheque presentation ceremony that MEDF organized for Central Region at Lilongwe Technical College.
“I’m more than pleased that the Youth and Women Loans have benefited more than five hundred groups in Central region alone which translates to more than five thousand individual members as the groups comprise a minimum of ten people and maximum of 20.
“The impact of the multiplier effect is huge is we take into board the estimated threshold of four members per family. This is huge impact that will likely go up as more loans continue being disbursed currently”, said Navicha.
Navicha however, decried political hostility the MEDF officials are facing in some parts of Central region especially in Lilongwe rural ad Dowa.
“I know the environment is heated politically but let us spare MEDF from politics and save it from being washed by the political contestation”, said Navicha.
She further said Youth and Women need not be hindered from accessing the MEDF loans on political grounds.
“There are more youths and women today than before. Youth and Women voices matter because no one is more convincing to define the future of this country through entrepreneurship but this largest population.
“Let us all be rational, allow the Youth and Women stick to their business ingenuity and access the MEDF loans without hindrance so that Government achieves its mandate of uplifting the lives of people social-economically,” said Navicha.
President Prof Arthur Peter Mutharika launched the Youth and Women Loans in Blantyre on 3 March, 2020 so that women and youth can access the loans at a low rate.
Speaking at the event, MEDF Chief Executive Officer Mervis Mangulenje said they are working round the clock to meet Government’s target that the K8 billion that Parliament approved in the 2019/ 2020 budget for the Youth and Women loans is disbursed country wide.
“We have started disbursing the loans in all districts countrywide except Likoma where we need logistical arrangements to reach there. Before we give out the loans we also train the beneficiaries of business management, loans repayment, group dynamics. So far we have trained more than 17 thousand people countrywide,” said Mangulenje.
At the event, MEDF presented cheques to five groups from Central Region that comprised of Women and Youth.
Last week, MEDF had a similar interaction with loan beneficiaries in Karonga where it was revealed that 91 groups had received the loans from Karonga district alone.
MEDF is a Microfinance Institution that is owned by Malawi Government and offers different loans.