Malawi Congress Party (MCP) presidential running mate Vitumbiko Mumba on Sunday launched the K500 million Mumba Revolving Fund to empower people in Traditional Authority (T/A) Chindi in Mzimba District.
Speaking during the launch at Euthini Community Day Secondary School Ground, the Minister of Trade and Industry, who is also contesting as an independent parliamentary candidate for Mzimba Central Constituency, said the revolving fund will enable people from the area to access loans to boost small scale businesses.
“We expect the beneficiaries to pay back so that it benefits others as well. The loan has no collateral and interest is only four percent,” he said.
Mumba said about K280 million has so far already been disbursed to different beneficiaries under the initiative.
fund. I Elton Mhango
“People of Mzimba Central Constituency should vote for Mumba as member of Parliament of the area,” he said.
In his speech, T/A Chindi Area Development Committee chairperson Malawilira Chiwaka said the fund will help people to start small scale businesses and improve their economic livelihoods.
“This programme is a direct response to the people’s needs,” he said.
One of the beneficiaries, Masozi Mwale from
Mbalachanda said she got a loan of K500 000 which she invested in maize and groundnut selling business.
Mumba will contest against five other contestants, including Adamson Mkandawire (independent) and immediate-past legislator Henry Shaba (independent).
