EU supports agribusinesses, pumps K200m to 2 firms

Two agribusiness firms in Mzuzu have received K100 million loans each from European Investment Bank (EIB) as part of a broader Team Europe Initiatives to support green growth across Malawi and southern Africa.

The two businesses are Wijays Enterprises owned by Joyce Banda and Wallie Farms owned by Sheryl Karim. The two emerged winners after their business plans came out the best at the Boosting Women in Agriculture Pitch Night which the EU Delegation conducted in collaboration with the Germany Frankfurt School of Finance and Management in Mzuzu.

EIB gender specialist Moa Westman said through the Team Europe Initiatives, they anticipate that female entrepreneurs in Malawi will reach their full potential and make a meaningful contribution to the agriculture and agribusiness sectors.

“Through this initiative, we hope to empower female entrepreneurs in Malawi to reach their full potential and make meaningful contributions to the agriculture and agribusiness sectors,” she said.

Team Europe Initiatives focuses on identifying critical priorities that constrain development in a given country or region where a coordinated and coherent effort by Team Europe would ensure results with transformative impact.

EU Delegation in Malawi team leader for sustainable agriculture Beatrice Neri said the funds will inspire other women to reach out to the project for the benefit of Malawi and beyond.

“Each pitch night we see promising women dedicated to agriculture come up with strong and innovative agribusiness ideas that I am sure will inspire other women to reach out to our project for their benefit,” she said.

When announcing the winners, Kulima Programme coordinator Agness Nkhoma, who was one of the judges at the pitch night, said the two presented outstanding and creative business plans deserving finance.

“The two winners have been selected after looking at their presentation creativity, plans, reliability and feasibility and strategies in place and how they are looking at the competitors, risks and sustainability of what they are proposing,” she said.

One of the winners, Banda, whose firm produces Okoma cooking oil, said they needed to get the funds which will help them in terms of business growth.