Minister of Foreign Affairs and International Cooperation Honorable Kondwani Nankhumwa, MP declared that he is now an advocate for the Malawi Enterprise Development Fund (MEDF) both at cabinet and in Parliament.
Nankhumwa made the declaration on Tuesday at Mpasa Primary school ground in Phalombe District where he presented cheques to five groups of beneficiaries of the MEDF Youth and Women loans in the district.
“Going by the testimonies that the beneficiaries of the Youth and Women Loans that President Arthur Peter Mutharika launched on 4 March, 2020 in Blantyre, I’m convinced that MEDF is producing results as opposed to all negativity being banded about out there.
“There was time MEDF predecessor, MARDEF was failing to manage funds and recover the loans from the beneficiaries. But the shake up that happened at the institution helped to bring new direction hence these fruits we are witnessing today. This is why I have purposed in my heart that I will be MEDF’s advocate both at cabinet and in Parliament,”declared Nankhumwa.
So far, MEDF has disbursed loans to more than 111 groups in Phalombe district alone and this translates to more than three thousand individual members as the groups comprise a minimum of ten people and maximum of 20.
As of 8 June, 2020, the Government owned Micro Finance Institution had disbursed MK4.5 billion under the Youth and Women loans and Msikawanga products. This comprises of 6500 Women Groups Loans, 3100 Youth Group Loans, and 1372 Individuals both Women and Youth.