FDH Bank says it will help 54 farmers who will be supplying sugar cane to a factory currently under construction in Salima.
The Indian government is building a sugar processing factory to assist Malawi create jobs and increase export earnings from sugar.
FDH Bank managing director Phillip Madinga could, however, not disclose the actual amount his bank will provide to farmers.
“We are working with the Green Belt Initiative office on the sugar factory project being built in Salima by the Indian government. So far, 54 farmers have been identified as the ones who will be supplying sugar cane to the factory and we will be funding them,” he said.
Madinga said FDH Bank is setting up small and medium enterprises (SMEs) clinics in some of its branches.
“We want to be a bank specialised in SMEs where people can get not only loan, but skills on how they can use the loans to grow their businesses,” he said.
Indian High Commissioner to Malawi Vanlahuma Vanlahuma said his government came up with the sugar producing factory because Malawi’s agriculture sector has the potential to grow.
