LILONGWE-(MaraviPost)-Standard Bank Plc has called on government and key stakeholders to collaborate towards re-engineering Malawi’s agriculture to achieve food security and turn the country into an exporter of surplus grain to the region.
The bank’s Executive Head of Personal and Private Banking (PPB) Charity Mughogho made the call in Lilongwe on Friday during a donation of K200 million in response to President Arthur Peter Mutharika’s recent nationwide declaration of a State of Disaster on hunger.
“We all have a duty to re-imagine and re-invent our agriculture sector. It is the driver of food security, and food security is the stabilizer of our economy. If we can secure food, we will contain inflation and export the surplus grain to other countries and earn more forex,” she said.
Mughogho said Standard Bank, which boasts a long history of supporting agriculture dating back to 1969 when it was the first to bank tea and coffee planters in the Shire Highlands region, is well positioned to help Malawi achieve food security and re-organize her agriculture sector.
Mughogho called for increased investment in new farming methods that focus on climate-smart cultivation, irrigation, pest and drought-resistant seeds, and a diversification of diet from maize, the staple grain food.
“For our part as Standard Bank, we will continue to provide financing towards climate-smart agriculture, the use of renewable energy in farming, and help Malawi become an exporter of grain to the region and beyond.” he said.
The PPB Executive lead said the donation to the government through the Minister of Finance is in solidarity with President Mutharika’s economic and humanitarian development agenda.
“We stand in solidarity with the government, its agenciee and donors in this critical moment when some parts of the country are in dire need of food. This contribution reflects our commitment to corporate citizenship and reaffirms our resolve to collaborate in building a more resilient and food-secure nation,” she said.
Receiving the funds, Finance Minister Joseph Mwanamvekha thanked Standard Bank Plc for responding to the President’s appeal for assistance and said the gesture underlined the bank’s commitment to partnership with government.
“Standard Bank Plc stands as a model of partnership and a true example of responsible banking, and genuine commitment to national development,” he said.
The Finance Minister said government needs K209.4 billion to scale up food relief efforts from an initial target of 11 districts to the rest of Malawi’s 28 districts.
“The current funding gap remains significant, and as a nation we must continue to mobilise resources with urgency and compassion,” he added.