On Monday, Minister of Trade Salim Bagus, MP handed over symbolic cheques to five groups of more than 100 that have received loans from the Malawi Enterprise Development Fund (MEDF) loans from the Shire Valley Districts of Chikwawa and Nsanje.
The event which took place at Bangula Secondary school in Nsanje was attended by MEDF CEO Miss Mervis Mangulenje, MEDF Board member Dr. Kondwani Wella, Director of SMEs in Ministry of Trade Wiskies Nkombezi, Traditional Authority Mbenje, and Nsanje Lalanje MP Gladys Ganda among other distinguished quests.
Among the recipients were youth groups, women groups and individuals that applied for the Youth and Women Loans that the Government owned Microfinance Institution provides
MEDF has disbursed loans to more than 100 groups in Nsanje and Chikwawa and this translates to more than two thousand individual members as the groups comprise a minimum of ten people and maximum of 20.
This loan which targets micro businesses aims at providing start-ups and working capital to existing businesses to the youth and women, opening the doors of economic opportunity and creating self-employment and job opportunities whilst converting unemployment into entrepreneurship.
“Since President Prof. Arthur Mutharika launched the loans on 4 March, 2020,MEDF has disbursed more than MK4.5 billion to various trained groups and individuals across the country as at 8th June 2020 on the Women and Youth Loans Program. This comprises of 6500 Women Groups Loans, 3100 Youth Group Loans, and 1372 Individuals both Women and Youth”, said Dr. Wella.