Malawi Stock Exchange-listed Standard Bank plc has committed K490 million to a youth empowerment initiative that the bank says is designed to turn skills development into a pipeline for productivity, entrepreneurship and long-term economic growth.
Unpacking Project Youth in Blantyre yesterday, Standard Bank plc chief executive Phillip Madinga said the initiative represents a shift from fragmented corporate social investment projects towards a consolidated programme focused on building the country’s human capital and creating opportunities for young people.
He said the bank’s decision to invest in youth is informed by Malawi’s demographic structure, with an estimated 78 to 80 percent of the population below the age of 30, which he described as both a challenge and a major economic opportunity.
Malawians have opportunities. | Grace Phiri
Madinga said the project seeks to ensure that young Malawians have the capabilities and opportunities to participate meaningfully in the economy and help deliver aspirations outlined in Malawi 2063 (MW2063), the country’s long-term plan that seeks to transform the economy to lower middle-income state by 2030 and upper middle-income by 2063.
He said: “For Malawi, education is not simply social investment. It is an economic imperative. It is a catalyst for our national development and it is also a catalyst for our economic growth.
“If we invest wisely in this generation, we can unlock economic growth, we can unlock innovation, but we can also unlock entrepreneurship.”
The multi-year K490 million education-focused corporate social responsibility initiative is aimed at expanding access to quality education, skills development and entrepreneurial opportunities for Malawian youth.
Under the project, the bank will invest K261 million in constructing a modern school block at Chivumbe Community Day Secondary School, K100 million each in tertiary education endowment funds at the Malawi University of Business and Applied Sciences and Malawi University of Science and Technology and K40 million towards vocational training for agriculture students at Development Aid from People to People (Dapp) Malawi.
The initiative will further provide K33 million to Hope for the Blind, K68 million million to Press Trust for a joint secondary school Merit Scholarship Fund while about K20 million will go to Care Malawi to support girls’ mentorship under its Soar project.
Minister of Education, Science and Technology Bright Msaka commended the integrated approach, saying it speaks directly to the country’s priorities as espoused in MW2063 by addressing gaps across the education value chain.
Meanwhile, Dapp Mikolongwe Vocational School principal Charles Salema said Malawi’s outcome-based education system should equip graduates with practical skills to navigate a job market that cannot absorb everyone.
He said entrepreneurship training is critical to help young people create jobs for themselves and others, rather than relying solely on formal employment.
Salema said with an average of between 5 000 to 10 000 youths graduating each year, the challenge with such a youthful population is to create jobs as it is difficult to find one.
