President Mutharika set to launch agricultural and industrial corporation Wednesday

LILONGWE-(MaraviPost)– President Peter Mutharika on Wednesday is expected to launch a newly development financing entity, Malawi Agricultural and Industrial Investment Corporation Plc (MAIIC).

According to Malawi Investment and Trade Centre (MITC) Public Relations Manager, Deliby Chimbalu President Mutharika will launch  MAIIC on Wednesday, the 28^th of November, 2018 at the Bingu International Convention Centre (BICC) in Lilongwe.

Chimbalu said MAIIC is a Government initiated but private sector led development finance entity that has been created to bridge the financing gaps in Malawi’s financial sector.

“The institution, which is not a bank, will complement services offered by existing banks and financial institutions in creating sustainable funding streams for investment in critical sectors of the economy such as agriculture, mining, manufacturing infrastructure development, and small and medium enterprises (SMEs).

“MAIIC will represent a key financing and support vehicle for commercially viable projects and businesses (both existing and start ups) that would pursue opportunities in key priority sectors of the MGDS III to create sustainable wealth,” says Chimbalu.

The institution will also among other things provide innovative financing and non-financing services and products that will drive private sector development in Malawi.