Category Archives: Business

The Maravi Post is a leading source for reliable Business news and analysis on Business. Top African Business like  Dangote  Group in Nigeria, Mulli Brothers in Malawi

The 10 Greatest Living Business Leaders In Africa Today
  • Sheikh Mohammed Al-Amoudi, Ethiopian.
  • Raymond Ackerman, South African.
  • Aliko Dangote, Nigerian.
  • Manu Chandaria, Kenyan.
  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
  • Strive Masiyiwa, Zimbabwean.
  • Wale Tinubu, Nigerian.

265 Energy pairs with National Bank to allow customers accesing energy products through loans

BLANTYRE-(MaraviPost)-In a landmark agreement aimed at making clean energy solutions more accessible to Malawians, 265 Energy Ltd, the country’s leading gas and solar company on Tuesday, September 24, 2024 signed a Memorandum of Understanding (MOU) with the National Bank of Malawi (NBM).

This agreement allows NB customers to access a wide range of 265 Energy’s high-quality products through a convenient loan arrangement.

NBM Plc head of retail Oswin Kasunda told journalists after signing the MoU with 265 Energy that the move to ease customers accessibility to energy products while promoting green economy.

Kasunda expressed his enthusiasm about the partnership, highlighting the bank’s commitment to offering innovative financial solutions that empower Malawians.

He therefore assured customers of affordable loans with soft interest rates to access energy products.

“We want our customers to access energy solutions products with soft loans. We want to promote green economy while conserving our environment from exploitation”, assures Kasunda.

He adds, “Through this agreement, National Bank customers can now acquire 265 Energy’s top-tier products, such as gas cookers, industrial burners, solar systems, solar water pumps, and much more, on loan.

“This financing option is expected to greatly benefit Malawians by making these essential, yet high-cost, products more affordable and accessible to a broader
audience”.

In his remarks, Mfundo Mbvundula, the Founder and CEO of 265 Energy Ltd, emphasized the importance of the partnership in addressing the energy needs of Malawians.

“We want to provide affordable solutions to Malawians, and partnering with National Bank is crucial in that regard. The bank will finance all products its customers need that are on the higher side in terms of price.

“265 Energy provides high-quality solutions, from kitchen appliances to solar systems for homes, farms, schools, and businesses,” said Mbvundula.

He added, “This strategic partnership brings together two of Malawi’s most reputable brands to offer flexible financial solutions for clean energy products.

“The loan facility will enable more Malawians to embrace renewable energy and gas solutions, thus reducing dependence on traditional energy sources and contributing to environmental sustainability”.

FDH Bank plc Contributes K6 Million to ECAMA Annual Conference

By Burnett Munthali

Listed FDH Bank plc has contributed K6 million towards the Economic Association of Malawi (ECAMA) Annual Lake Conference, scheduled for November this year. The conference will serve as a platform to address the country’s pressing economic challenges, including inflation, currency depreciation, and unemployment.

Speaking at the cheque presentation ceremony in Blantyre on Tuesday, FDH Bank plc Public Relations Manager, Lorraine Chikhula, reaffirmed the Bank’s commitment to promoting economic development in Malawi.

“One of our pillars under the sustainability program is our economy, where we make the commitment to improve social conditions by focusing on health, education, sports, and the environment, among others,” said Chikhula. “Our support for ECAMA’s conference underscores our dedication to promoting economic growth and stability.”

The ECAMA Annual Lake Conference, which attracts policymakers, economists, business leaders, and academics, aims to foster dialogue and generate actionable solutions to Malawi’s economic challenges. This year’s theme, ‘Economic Priorities for a Vulnerable Economy’, reflects the urgency of addressing the country’s financial struggles.

Bertha Bangara-Chikadza, ECAMA’s acting president, expressed gratitude to FDH Bank plc for their generous support. She emphasized the importance of collective efforts in overcoming the nation’s economic hurdles.

“The current economic landscape presents numerous challenges, and it is crucial we work together to find solutions,” Bangara-Chikadza stated. “Contributions like this from FDH Bank plc strengthen our ability to bring stakeholders together to discuss and act on critical economic issues.”

The conference will provide a platform for key stakeholders to deliberate on economic priorities and formulate strategies that will help stabilize and grow Malawi’s economy. With the involvement of key players like FDH Bank, there is hope that collaborative efforts can steer the country toward sustainable economic growth.

As Malawi continues to grapple with high inflation rates, a weakening currency, and rising unemployment, the ECAMA conference is set to play a critical role in addressing these challenges and charting a path forward for a more resilient and robust economy.

Fintech Stakeholders from 62 Countries Connect at 12th Africa Fintech Summit in Nairobi to Examine “Fintech in Every Industry” Theme

NAIROBI, Kenya, 24 September 2024/African Media Agency/- Fintech stakeholders from around the world recently converged in Nairobi, Kenya, for the 12th edition of the Africa Fintech Summit. The three-day event, which ran from September 4 to September 6, 2024, welcomed 680 in-person delegates from 62 countries, with over 1,000 more participating virtually.

Focused on the theme “Fintech in Every Industry,” #AFTSNairobi2024 connected fintech innovators, banking and finance executives, investors, regulators, and ecosystem enablers for conversations around the state and future of fintech in Africa and the sector’s role in driving the growth of other industries. The focus was on fintech’s ability to improve efficiency, access, transparency, and reliability in industries such as insurance, healthcare, real estate, climate tech, and even governance.

AFTSNairobi2024 kicked off with its customary VIP Dinner on the 4th. Dignitaries enjoyed fine dining and engaging conversations at the Nairobi Capital Club, courtesy of Onafriq and Circle. Both companies announced a new partnership geared at driving financial inclusion across Africa.

Day two began with five keynote addresses. Each of these notable speakers delivered a short address on critical topics ranging from fintech’s role in driving commerce in Africa to Kenya’s digital transformation efforts: H.E. Wamkele Mene, Secretary-General, African Continental Free Trade Area (AfCFTA) Secretariat; H.E. Eng. John Tanui CBS, PS, State Department & Digital Economy, ICT, Keny; Stanley Kamanguy, CEO, ICT Authority of Kenya; Esther Waititu, Chief Financial Services Officer, Safaricom, and Zekarias Amsalu, Co-founder & MD, Africa Fintech Summit.

A quick fireside chat with Paystack co-founder and CEO Shola Akinlade focused on his entrepreneurial journey served as the opener for a flurry of panel discussions focused on fintech and its overlap with other industries. One of such panel sessions examined mobile money’s continuous role in fostering financial inclusion and access in Africa, featuring speakers from Visa, M-PESA, GSMA, and others.

The mobile money panelists agreed on interoperability as the next level in unlocking mobile money’s potential to drive value for all stakeholders. For customers, it will remove the barriers that prevent the transfer of money between different mobile money services, enabling faster, cheaper, and easier transactions. For mobile money service providers, interoperability will increase the desirability of their products and create a larger market to tap into, while African economies will benefit from the ease of moving money that an interoperable mobile money ecosystem will create.

Several other panel sessions, workshops, and two exclusive Kenyan regulatory and African Continental Free Trade Area (AfCFTA) roundtables were interspersed by coffee and lunch breaks, which also doubled as networking sessions and opportunities for side engagements such as the Excellence in Fintech Award Ceremony. Exceptional African and Africa-focused fintech stakeholders ranging from fintech companies and other financial institutions to investors and other ecosystem enablers were recognized across twenty categories. Big names like M-PESA, Interswitch, Flutterwave, Paystack, Visa, MDP, Moniepoint, OPay, Ecobank, 54 Collective, Amazon Web Services, and MTN were among the awardees selected via public voting.

Day three was just as eventful. It began with three ecosystem tours tagged Investing in Kenya (sponsored by Bank of America), Expanding into Kenya (sponsored by CB Group), and STEM Students – Learning from Silicon Savannah (sponsored by Chevron). The first two focused on helping interested delegates understand the logistics of investing and expanding into Kenya, while the third tour aimed to provide STEM students with knowledge about Kenya’s tech ecosystem and how they can build tech careers. All tours took place within Nairobi and collectively had eight stops, including Nairobi Securities Exchange, KenInvest Office, Two Rivers International Finance and Innovation Center (TRIFIC), CB Group, and others.

Proceedings on the final day continued with masterclasses back at the JW Marriott Hotel, touching on everything from storytelling and branding in the startup world to how founders should protect themselves when negotiating with investors. The three-day summit came to a fitting end with the Alpha Expo Pitch Competition, which saw 15 African startups take to the stage to pitch their solutions to a panel of judges and attendees. Uganda’s Flow Global finished in first place, while Rwanda’s Ironji and Tanzania’s KiasiApp were second and third, respectively. All participants got $25,000 in AWS cloud credits courtesy of Amazon Web Services (AWS), while the top three startups also won prizes from Numeris, African Media Agency, Trends Research, and The Kenyan Wall Street.

Proceedings on the final day continued with masterclasses back at the JW Marriott Hotel, touching on everything from storytelling and branding in the startup world to how founders should protect themselves when negotiating with investors. The three-day summit came to a fitting end with the Alpha Expo Pitch Competition, which saw 15 African startups take to the stage to pitch their solutions to a panel of judges and attendees. Uganda’s Flow Global finished in first place, while Rwanda’s Ironji and Tanzania’s KiasiApp were second and third, respectively. All participants got $25,000 in AWS cloud credits courtesy of Amazon Web Services (AWS), while the top three startups also won prizes from Numeris, African Media Agency, Trends Research, and The Kenyan Wall Street.

Supported by several African and global fintech stakeholders, #AFTSNairobi2024 was a massive success. Attendees were particularly impressed by the quality of the conversations, interactions, and business opportunities, going by their reviews on social media:

“Last week, I had the privilege of participating in the Africa Fintech Summit in Nairobi, Kenya. It felt amazing to connect with fintech stakeholders from across the continent & strategize how to enable a thriving African fintech ecosystem as partners.” — Chad S. Pollock, Vice President & General Manager, Visa East Africa.

“We made sure to attend and participate in the Africa Fintech Summit and it blew us away with all the ideas and connections unearthed. I’m confident we will see more collaborations and innovations that will emerge from this experience.” — Amal Enan, Chief Investment Officer, The American University in Cairo & Partner, 500 Global, who attended the summit with a contingent of 500 Global’s portfolio companies.

“Yes, I had an incredible time at the 12th Africa Fintech Summit in Nairobi! Over the course of 3 days, I connected with amazing fintech leaders like Shola Akinlade, explored new partnership opportunities with existing and new businesses, and gained valuable insights to drive innovative solutions across Africa and beyond.” — Ivan Kadiri, Sales and Partnerships Manager, Fincra.

As a bi-annual event, Africa Fintech Summit returns in 2025 with its customary Washington D.C. edition, which is set to take place on April 24, 2025, on the sidelines of the World Bank/IMF Spring Meetings. The date and location for the 2025 African edition will be announced soon. Stakeholders interested in speaking, partnership, and sponsorship opportunities can contact the AFTS team at info@africafintechsummit.com.

Distributed by African Media Agency in partnership with Africa Fintech Summit

About Africa Fintech Summit 

Africa Fintech Summit is the premier global initiative dedicated to the African fintech ecosystem. AFTS is traditionally hosted in Washington, D.C., each April during the World Bank/IFC annual meeting week and in a different African city each November. The summit is being held in a hybrid format, in person in the selected Venue in compliance with COVID-19 protocol and global live virtual delegates.  

Supported by an advisory board of thought leaders and fintech pioneers, AFTS is a unique space where innovative ideas are debated, investments mobilized, partnership deals signed, and collaborations formed across sectors and geographies. AFTS is organized in partnership between Washington, D.C.-based firms, strategic advisory group Dedalus Global, and pan-African consultancy advisory firm Ibex Frontier.  

Media contact:
Charles Isidi
Head of Marketing and Communications,
Africa Fintech Summit.
charles@africafintechsummit.com

The post Fintech Stakeholders from 62 Countries Connect at 12th Africa Fintech Summit in Nairobi to Examine “Fintech in Every Industry” Theme appeared first on African Media Agency.

Source : African Media Agency (AMA)

FDH Bank plc gives ECAMA MK6 million for lake conference

LILONGWE-(MaraviPost)-Listed FDH Bank plc has contributed MK6 million to the Economic Association of Malawi (ECAMA) Annual Lake Conference set for November this year.

The conference, according to ECAMA, aims to tackle the country’s pressing economic challenges, including inflation, currency depreciation, and unemployment.

Speaking after presenting the cheque in Blantyre on Tuesday, FDH Bank plc Public Relations Manager, Lorraine Chikhula, emphasized the Bank’s commitment to Malawi’s economic development.

“One of our pillars under the sustainability program is our economy, where we make the commitments to improve social conditions by focusing on health, education, sports, and the environment among others.”

“Our support for ECAMA’s conference underscores our dedication to promoting economic growth and stability,” said Chikhula.

ECAMA’s acting president, Bertha Bangara-Chikadza, expressed gratitude to FDH Bank plc for their generous contribution and also highlighted the need for collective efforts to drive economic growth in Malawi.

“The current economic landscape presents numerous challenges, and it is crucial we work together to find solutions,” said Chikadza.

This year’s ECAMA Lakeshore conference is themed ‘Economic priorities for a vulnerable economy’.

Castel Malawi commits MK20m to Employee Volunteering Program

BLANTYRE-(MaraviPost)-Giant alcoholic beverages producer, Castel Malawi Limited, has committed K20 million to an Employee Volunteering charity initiative which aims at contributing to community support and strengthening the relationship between Castel Malawi and the local communities.

Castel Malawi’s Corporate Social Responsibility (CSR) Manager, Linda Kolomba said under this initiative, Castel Malawi employees are making enormous efforts to reach out to communities, hear their stories and try to find sustainable solutions with the aim of establishing long-lasting relationships.

Over the weekend, the employees reached out to two centres in Blantyre, Tidzalerana Shelter and Courageous Kids Foundation where they interacted with the beneficiaries and donated various food and non-food items.

“This initiative is under the Castel Malawi’s Employees Volunteering Program where we would want to engage largely with our local communities in different social initiatives. We want our employees to take part in these Corporate Social Responsibility initiatives which the company is doing,” said Kolomba.

The Castel employees first visited Tidzalerana Shelter in Ndirande township which hosts 12 people with disabilities. The shelter also supports 34 other disabled people who live in the surrounding areas.

According to the Shelter’s Manager, Frank Banda, the facility supports people with various degrees of disabilities. However, they seek support, because they solely depend on donors and well-wishers to sustain the livelihood of the beneficiaries.

“We are thankful to Castel Malawi for this donation. They have given us exactly what we were lacking, and this support will go a long way in ensuring that the people with disabilities who are hosted here, have food and other necessities,” said Banda.

From Ndirande, the Castel Malawi employees proceeded to Mpemba, where Courageous Kids Foundation is situated, hosting 98 orphans. These young people also depend on well-wishers for food and other basic needs. 

The mother and founder of the orphanage, Courageous Musasa, said their main challenge is to find food and school fees, for the kids.

“I am short of words over what Castel Malawi has done for us. We did not expect them to make such a donation. Running this facility has not been an easy task, but through such donations we are able to survive. We have intelligent kids here, some of whom have made it to Secondary Schools and Universities across the country, but paying for their school fees has been our greatest challenge,” said Musasa.

Some of the donated items included beddings, maize flour, beans, bonya, soya pieces, school materials, paint, soap, and other assorted items. Kolomba said this gesture will also be extended to other centres in the Central and Northern regions.

Castel Malawi will continue to find means of sustainable support to such needy community organisations, rather than giving once off donations, according to Kolomba.

79th UNGA: Chakwera woo investors at Malawi partners conference

By Arkangel Tembo

NEW YORK-(MANA)-President Lazarus Chakwera has urged potential investors in the United States of America (USA) that Malawi is the best investment destination with resilient economic growth, stable and peaceful country.

The President said this on Sunday evening at the Martinique Hotel in New York during a second edition of the Malawi-Partners Conference, held on the margins of the 79th Session of the United Nations General Assembly (UNGA).

Addressing the potential investors, Chakwera said Malawi has 5.3 million hectares of arable land, representing 45 percent of its total land area; adding that the country has abundant water resources, coupled with several major river systems.

In addition, President Chakwera told the would-be investors that Malawi has access to a market of over 100 million people in the SADC and COMESA regions.

“We have a visionary, stable, democratic political leadership which are all key to creating an enabling environment for public and private funding investments in an open economy,” he said.

The Malawi leader said the country has also recently developed a One-Stop Service Centre for investment and trade Promotion through the Malawi Investment and Trade Centre (MITC), adding that Malawi has a large, highly educated, skilled, hardworking, trainable workforce.

The Malawi leader further said that the country is also a gold mine of agricultural experience, flooded with untapped specific projects and economic opportunities waiting to be explored.

Amid catastrophic climate and health-related shocks, Chakwera said his government continues to lay a solid foundation for Malawis prosperity.

“Malawi is not only a land of opportunities, but also a nation ready to meet the global demand for high-quality products.

“We have a web of rivers and lakes, and arable land that is fit-for-purpose of high-value agricultural production zones,” he added.

Mozambican President Filipe Nyusi who also attended the conference echoed his counterparts sentiment by assuring potential investors that Malawi is endowed with so many natural resources which he said are conducive for investment.

“I would like to agree with my brother here that just like in Malawi, agriculture also plays a critical role in Mozambique and Africa as a whole in terms of providing primary source of livelihood, and income to the majority of the population.

“I encourage you to come and invest in Malawi because they have what it takes in terms of marketing among others,” he said.

The first edition of the Malawi-Partners Conference was also held at the same venue and some of the fruits of the conference include the ongoing construction of the Magwero Industrial Park near Kamuzu International Airport (KIA) whose resources were committed by the Afreximbank at that time.

Other commitments from last years conference that have materialized include the World Bank-financed Regional Climate Resilience Program, IFAD-funded Sustainable Agriculture Productivity Program, and the Building Education Foundation Project that the Global Partnership for Education is financing.

The 2024 edition of the Malawi-Partners conference was held under the theme “Securing Our Future: Enhancing Investment in Agriculture for Sustainable Food Security.”

The Moroccan Association of Exporters (ASMEX) and the Ministry of Industry and Commerce of Morocco are co-hosting the first edition of the ZLECAF Business Forum – Morocco 2024

RABAT, Morocco, 23rd September 2024 -/African Media Agency (AMA)/- The Ministry of Industry and Commerce and the Moroccan Exporters’ Confederation (ASMEX) are co-organizing a Business Forum aimed at raising awareness and providing information on the opportunities presented by the African Continental Free Trade Area (AfCFTA). The event, titled “Intra-African Trade: Perspectives and Opportunities,” will take place on November 5, 2024, at the Hyatt Regency Hotel in Casablanca.

This inaugural edition of the AfCFTA-Morocco Business Forum aims to strengthen the historical and socio-economic ties between the Kingdom of Morocco and other African partners through enhanced South-South cooperation and mutually beneficial partnerships within the framework of this trade zone.

The Forum will bring together several African Ministers of Trade, prominent figures from the public sector, representatives from trade promotion organizations, experts, private sector stakeholders, academics, and civil society. Their participation will help solidify Morocco’s position as a strategic hub for Africa.

The main goal of this event is to raise awareness among stakeholders about the expected impact of implementing the AfCFTA. It will also showcase the opportunities this agreement offers and present the strategic directions the Moroccan government intends to pursue in its implementation. Furthermore, the Forum provides an ideal platform for participants to offer their input on the national strategy for AfCFTA implementation and the key levers for optimizing the benefits of this trade zone.

The discussions at the Forum will focus on themes such as strategies for penetrating African markets, available financing mechanisms, public policies favorable to intra-African trade, and best practices for leveraging the advantages offered by the AfCFTA.

This Forum, which coincides with the 30th anniversary of the Marrakech Agreement establishing the World Trade Organization (WTO), will also highlight the growing integration of African economies into the global trading system.

Distributed by African Media Agency (AMA) on behalf of The Moroccan Confederation of Exporters (ASMEX)

About ZLECAF: 

The African Continental Free Trade Area (ZLECAF) is an ambitious project aimed at creating one of the world’s largest free trade areas on the African continent. With a potential market of 1.2 billion consumers and a combined GDP of $3 trillion, the agreement was signed in March 2018 at the Kigali Summit by 44 heads of state and government. ZLECAF is part of the African Union’s Agenda to establish a single market across the continent.

The Moroccan Confederation of Exporters (ASMEX):

Founded in 1982, ASMEX represents the Moroccan export sector, bringing together regional and national sectoral associations and federations. Its mission is to represent and defend Morocco’s export industry and enhance the competitiveness of Moroccan companies. ASMEX’s Morocco-Africa Commission is behind this forum.

Thank you for your attention to this announcement.

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The post The Moroccan Association of Exporters (ASMEX) and the Ministry of Industry and Commerce of Morocco are co-hosting the first edition of the ZLECAF Business Forum – Morocco 2024 appeared first on African Media Agency.

Source : African Media Agency (AMA)

Africa Specialty Risks Receives BBB+ Credit Rating with a Positive Outlook from Fitch

LONDON, 23rd September 2024 -/African Media Agency (AMA)/- Africa Specialty Risks (ASR), the pan-African and Middle East focused (re)insurance group, is pleased to announce that Fitch Ratings has assigned a BBB+ long term insurance financial (IFS) rating with a positive outlook to ASR Re Limited (ASR Re).

Fitch’s rating reflects ASR Re’s very strong capitalisation and low leverage. The positive outlook reflects ASR Re’s improving franchise and business profile as it continues to grow business volumes and earnings.

ASR Re Ltd Bermuda continues to be a key part of the ASR Group and its growth strategy, as it looks to expand into new territories while maintaining its ambition of filling the insurance gap across Africa and the Middle East.

Mikir Shah, CEO of ASR, commented: “We are extremely pleased to add a rating from Fitch which is a tier one rating agency that is highly regarded globally and across the African continent. The addition of a BBB+ rating with a positive outlook from Fitch to our Moody’s Baa1 rating enhances the credibility of our conservative credit profile in the market. Fitch’s positive outlook on the rating also signals the trajectory of our rating towards A- rating in the near term.

“The rating is based on ASR Re’s very strong financial profile and performance. Achieving this milestone is a significant step for ASR, as it highlights our continued progress and commitment to excellence.”

Fitch is a leading global provider of credit ratings, research, and risk analysis with over 100 years of experience covering more than 20,000 entities around the world and more than 1,000 insurance companies worldwide. Fitch was the first international credit rating agency to operate in Africa and provides ratings coverage to more than 150 African companies.

Cap Structure acts as ratings advisor to ASR.

Distributed by African Media Agency (AMA) on behalf of Africa Specialty Risks (ASR)

MEDIA ENQUIRIES

Africa Speciality Risk
Mikir Shah, CEO
Via Tavistock
+44 20 7920 3150

Tavistock Communications 
Tim Pearson
Katie Hopkins asr@tavistock.co.uk

About ASR 

Africa Specialty Risks (ASR) provides comprehensive risk mitigating solutions through high quality underwriting to local and global customers across Africa and the Middle East, with operations in London, Mauritius, Bermuda, Morocco. Since its launch, ASR participated in the de-risking of $28 bn of projects and assets across 66 countries.  

In addition to our Bermuda and Mauritius reinsurers, ASR’s unique co-reinsurance model involves collaborating with local and international (re)insurance companies. In 2024, ASR launched Syndicate 2454, it is the first African focused syndicate writing business at Lloyd’s.  

Across the group, ASR underwrites across Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, Liability, Parametric and Treaty. ASR also offers an end-to-end captive solution to corporate and financial institutions.  

ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.

The post Africa Specialty Risks Receives BBB+ Credit Rating with a Positive Outlook from Fitch appeared first on African Media Agency.

Source : African Media Agency (AMA)

FDH Bank plc commits MK7 Million towards NPL’s Mother’s Fun Run

BLANTYRE-(MaraviPost)-Listed FDH Bank has given MK7 million to Nation Publications Limited in support of this year’s Mother’s Fun Run initiative which aims to promote safe motherhood in Chikwawa District.

Speaking at the cheque handover ceremony in Blantyre, FDH Bank’s Public Relations Manager, Lorraine Chikhula praised the Fun Run initiative for promoting safe motherhood in Malawi for nearly two decades.

“This is a critical development initiative, as we are all here because of mothers, and every child and mother deserve quality, safe healthcare. Safe motherhood is the foundation of a healthy nation, enabling further development.”

“The initiative also aligns with the Bank’s corporate social responsibility program, FDH Cares, which focuses on four pillars; Our Community, Our Environment, Our People, and Our Economy. Under Our Community, we champion various initiatives, especially in health and education, which are directly aligned with the Mother’s Fun Run initiative,” said Chikhula.

Representing NPL at the event, Weekend Nation Editor, Steven Nhlane, expressed heartfelt appreciation to FDH Bank plc for their generous donation towards the initiative.

He commended the Bank for its continuous commitment to supporting safe motherhood, noting that the contribution would have a significant impact in Chikwawa District.

“We are truly grateful to FDH Bank for this generous donation, which will go a long way in improving maternal and child healthcare in Chikwawa. Your unwavering support for this initiative, now running for close to two decades, is a testament to your dedication in making a difference in the health and well-being of Malawians. Together, we can help ensure that every mother and child have access to the quality care they deserve,” Nhlane remarked.

FDH Bank plc has reaffirmed its strong relationship with the health sector and its commitment to supporting initiatives that improve the well-being of Malawians

AfDB approves US$50m support towards Malawi Agricultural sector


By Arkangel Tembo

NEW YORK-(MANA)-Minister of Finance and Economic Affairs, Simplex Chithyola Banda has disclosed that the African Development Bank (AfDB) has approved more than 50 million US Dollars towards agriculture productivity and commercialisation including procurement of relief maize.

The minister disclosed this in New York, where President Chakwera held the 2024 Malawi Partners Conference on the sidelines of the 79th session of the United Nations General Assembly (UNGA).

Among other high-level dignitaries at the conference, the Malawi leader, met the AfDB Group, President, Dr Akinwumi Adesina, Mozambican President, Filipe Nyusi and a Tanzanian delegation.

“The support includes 30 million US dollars, 23 million Dollars, and 1 million US Dollars. All these are coming separately with different purposes from the African Development Bank. Further, more support is coming from the same bank.

“On food production, the AfDB is more than ready to support the Malawi Government to embark on a programme of pumping water from Lake Malawi for irrigation,” he said.

Chithyola Banda said AfDB interventions will improve Malawi’s economy on top of empowering the young people to venture into the agricultural value chain.

He added that the AfDB assistance to Malawi is a clear demonstration of confidence and trust in the current administration.

“Institutions like African Development Bank have demonstrated degree of confident and trust in the leadership of Dr. Lazarus Chakwera and the reform programme that Malawi is undertaking in various sectors.

“I have liked some aspects in President Chakwera’s speech in which he said Malawi needs to rework in Gross Domestic Product (GDP) to re-estimate the GDP based on green economy of how much is the country worth in terms of carbon financing,” he said, adding that analysing the GDP will give a true picture of Malawi’s economic growth,” he said.

He said going back to the drawing board, Malawi will also work on how natural resources could stimulate the economy.

In 2023, President Chakwera also held another partner conference in New York under the theme; Building Resilience and Sustainable Development in the Face of Shocks.

The Malawi Partners Conference are held on the sidelines of the UNGA in New York, US.

In another interview, Minister of Information and Digitilisation, Moses Kunkuyu said Chakwera’s visit is benefiting Malawians.

“When the president travels, he travels with an agenda. The agenda is to represent Malawians and when he represents his people he carries with him the problem that affects his people,” Kunkuyu added