Firm eyes K37bn in commodity exports

The Export Development Fund (EDF) says it will facilitate the export of 50 000 metric tonnes of various agricultural commodities to earn Malawi $50 million (about K37 billion) this year. According to EDF managing director William Matambo, the 50 000 metric tonnes which does not include the exports under trade finance, will be exported under…

MCC says new compact in 3 years

Malawians will have to wait for about three years before negotiations on the next Millennium Challenge Corporation (MCC) compact can be completed and implementation on the new project start. Briefing journalists in Lilongwe yesterday, MCC vice-president Jeanne Hauch justified the apparent lengthy process of developing a new compact, saying it minimises project risks, among other…

Apam adamant

Despite President Peter Mutharika’s commitment to address concerns of persons with albinism (PWAs), including funding a four-year National Action Plan, the Association of Persons with Albinism (Apam) is far from being convinced. In an interview after the President hosted about 50 PWAs at Kamuzu Palace in Lilongwe yesterday, Apam president Overstone Kondowe, whose grouping shunned…

EDF seeks to raise K37bn in exports

The Export Development Fund (EDF), a local development financing institution, says it will facilitate the export of 50 000 tonnes of assorted agricultural commodities that will bring in about $50 million (about K37 billion) in export earnings this year. EDF managing director William Matamba said in an interview on Wednesday the products will be exported…

Invegrow invests K11bn in  industrial hemp production

Invegrow Limited, a company behind industrial hemp research and production, says it plans to invest $15 million (about K11 billion) in the first three years of its commercial production of industrial hemp-related products. This comes against the backdrop of the company investing $1 million (K738 million) to establish a factory to be commissioned in June…

RBM faults Treasury, MPs for rising debt

Reserve Bank of Malawi (RBM)       Governor Dalitso Kabambe has faulted Treasury and legislators for being responsible for the country’s soaring debt which is affecting the management of the country’s economy. The governor’s statement comes as Parliament, through the Financial Services (Amendment) Bill, wants to cap government borrowing through Treasury bills (T-bills), at a time public…

Initiative gets 100 financing proposals

The Malawi Agricultural and Industrial Investment Corporation (Maiic) says it has received over 100 project proposals worth about $262 million (about K194 billion) in various sectors of the economy. The 100 project proposals follow last year’s call for project proposals the institution advertised in the media for possible financing. Maiic was launched last November following…

Banks see no deposits, loans in interest capping

Bankers Association of Malawi (BAM) has said there will be far-reaching consequences to the economy once interest rates are capped through the Financial Services Bill (Amendment) The Bill proposes to cap the interest rate applicable on the credit facility to a certain percentage above the prevailing policy rate for lenders and below the same policy…

MW-MOZ secure funding for power interconnection

Malawi and Mozambique have secured 20 million euro (about K15 billion) from multilateral lending institutions for the implementation of the power Interconnection project, a move expected to help solve energy woes facing the county. The two countries have jointly secured financing for the project from the World Bank, KfW and the Norwegian Trust Fund. Through…

CfTC to enforce fair tobacco trading

The Competition and Fair Trading Commission (CfTC) on Monday signed into a working relationship with Tobacco Control Commission (TCC) to deal with competition and fair trading issues in the tobacco industry. CfTC executive director Charlotte Wezie Malonda said on the sidelines of the signing the agreement in Lilongwe that the partnership comes after the commission…

House committees fault RBM on interest rates

Three parliamentary committees undertaking consultations on the Financial Services Act (Amendment) Bill have faulted the Reserve Bank of Malawi, accusing it of failing Malawians by not using its mandate to protect citizens from high rates. Legislator Alekeni Menyani, who is chairing a joint parliamentary committee comprising Public Accounts Committee (PAC), Government Assurances and Women’s Caucus,…

Micro lending institutions  against interest capping

Malawi Union of Savings and Credit Cooperatives (Muscco) and Malawi Microfinance Network (Mamn) yesterday pleaded with Parliament not to proceed with the plan to cap interest rates through the proposed Financial Services  Act (Amendment) Bill. The two institutions separately made their stand when they appeared before the Parliamentary Public Accounts Committee (PAC), Government Assurance Committee…

Minister cautions against  selling customary land

Housing and Urban Development Jean Kalilani has cautioned people against selling customary land, saying land remains the most precious asset of every household. The minister was speaking during the launch and handover of land governance information, education and communication (IEC) materials at Ching’amba Village, Senior Chief Lukwa in Kasungu on Monday. Said Kalilani: “In a…

Road transporters react to transport master plan

Road Transport Operators Association of Malawi (Rtoa) says it is not threatened by government’s plans to rejuvinate in rail transport and inland subsectors. Recently, government committed to start investments to revamp the two subsectors to reduce transportation costs and ease pressure on the roads. But Rtoa treasurer general Elton Viola said in an interview that…

Tourism fund out turn affecting growth

The Department of Tourism  has said insignificant contributions to the Tourism Marketing Fund are hampering implementation of planned tourism marketing activities key to sectoral growth. The Tourism Marketing Fund manages the one percent tourism levy that players in the sector pay to government. Director of tourism in the Ministry of Industry, Trade and Tourism, Isaac…

Comesa lobbies Mutharika on TFTA ratification

Common Market for Eastern and Southern Africa (Comesa) secretary general Chileshe Mpundu Kapwepwe on Thursday lobbied with President Peter Mutharika to ensure Malawi ratifies the Tripartite Free Trade Area (TFTA) so that Malawi widens its commodity market. She was speaking at Kamuzu Palace in Lilongwe during an audience with Mutharika to share notes on progress…

Mitc unveils K400bn market

The Malawi Investment and Trade Centre (Mitc) says it has identified export markets for Malawian products worth about $547 million (about K397 billion). In a statement made available to Business News, Mitc public relations manager Deliby Chimbalu said the markets are mostly for agricultural products such as soya beans, groundnuts, rice, beans, sunflower and poultry.…

SAA resumes Chileka flights

South African Airways (SAA) has resumed flights between Johannesburg and Blantyre, two weeks after the airline suspended its operations citing security concerns at Chileka International Airport. In a statement released on Friday, the  South African Civil Aviation Authority (Sacaa) that carried an audit of Chileka Airport said it is satisfied with the measures taken to…

Chileka Airport set  for rehabilitation

Government says it will spend over K4 billion to rehabilitate Chileka International Airport to make it usable in three months. The rehabilitations will be done while awaiting full refurbishment of the airport from loan facilities that government obtained in recent years through Parliament. Ministry of Transport and Public Works Principal Secretary Francis Chinsinga said this…