LILONGWE-(MaraviPost)-The Export Development Fund (EDF) has registered a profit after a tax of 9.7 billion for the year ended according to the financial statements for the year end 2023.
The funds seeks to continue fulfilling it’s mandate of providing financial resources and advisory services to drive export diversification.
EDF Public Relations officer and Marketing specialist, Deliby Chimbali told The Maravi Post in an interviews that the company is in strong financial position with current assets of MK88.5 billion compared to current liabilities of MK37.8 billion as of 31 December 2023.
She said the financial statements also shows that in 2023 the funds retained earnings grew to K20.9 billion while total equity increased to MK45.0 billion
“The profitability was mainly driven by recoveriea from loan impairment provisions as well as the funds ability to create new quality businesses,”said Chimbalu.
She therefore said, “In terms of performances in 2023 the fund approved transactions worthy MK23.1 billion out of which MK6.46 billion was disbursed to agro-processing, Agriculture, tourism, mining and manufacturing to create 1500 jobs and save about 120 jobs”.
EDF is a development finance institute owned by reserve bank, incorporated in 2012 to provide financial advisory services to business in growth sectors of economy.