The Export Development Fund (EDF) has reported a profit after tax of K18.9 billion in 2024, a 95 percent increase from the K9.7 billion registered in 2023.
According to the audited financial statements for the year ended 2024, EDF said retained earnings rose by 55 percent from K20.9 billion the previous year to K32.4 billion in 2024 with current assets of K81.6 billion and current liabilities of K39.5 billion.
In terms of operational performance, the fund disbursed K13.5 billion, a 109 percent increase from K6.46 billion in 2023, with agro processing receiving the largest share, followed by tourism, mining, agriculture and manufacturing.
In a statement made available to Business News, EDF said the disbursements made in 2024 supported 791 jobs, including 420 specifically created or sustained for women and youth.
The statement signed by EDF managing director Fredrick Chanza reads: “Our performance reflects a deliberate focus on strategic sectors that can drive export growth and diversify Malawi’s economy.
“We remain committed to working with businesses and stakeholders to unlock more value in the years ahead.”
EDF was set up by the Malawi Government through the Reserve Bank of Malawi to promote investments in the country’s productive capacity and ensure that Malawi’s vast export potential and business opportunities are exploited to generate the much-needed foreign exchange for the country.
