LILONGWE-(MaraviPost)-The newly established Malawi Agricultural and Industrial Investment Corporation (MAIIC) is now in full force to drive private sector led economic development in the country.
MAIIC leadership along side Reserve Bank of Malawi (RBM) addressed the news conference on Tuesday in the capital Lilongwe of full operation of the corporation.
MAIIC Chief executive officer, Taziona Chaponda, said since November 2018 when MAIIC was launched, the company had been putting things in order including recruiting staff.
Chaponda said the corporation envisages to support private sector development and boost its activities by mobilizing finance and capital from the private sector and international investors among others.
He added that the private sector will also benefit from working with MAIIC in a way that the institution will be extending credit facilities to private sector entities.
Chaponda who once worked as a senior executive economist at IMF in Washington says; “Among others, the agriculture, agribusiness, industrialization and tourism sectors will also benefit from MAIIC since they will become part of those sectors’ client base”.
RBM Governor Dr. Dalitso Kabambe said MAIIC’s operationalization is timely saying the country’s economy is stabilized.
“The company will help in boosting the economy of the country since it will support various businesses and projects that must help the country’s economy to grow.
“MAIIC is different from the other banks as it will provide long and medium term loans which will help businesses to grow in the country thereby developing the country’s economy”, says Dr Kabambe
The Ministry of Finance, Economic Planning and Development in conjunction with CDH Investment on November 28, 2018 launched Bank will launch the Malawi Agricultural and Industrial Investment Corporation PLC (MAIIC) to spearhead industrialization in Malawi.
MAIIC therefore opens its doors to people, businesses, companies, agricultural cooperatives with bankable business projects seeking finance and technical skills to kick start or expand their businesses.
