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NYCOM advocates for youth-friendly lending practices to boost entrepreneurship

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NYCOM advocates for youth-friendly lending practices to boost entrepreneurship

By Chisomo Phiri

The National Youth Council of Malawi (NYCOM) has urged money-lending institutions in the country to embrace youth-friendly lending processes, so as to pave the way for young entrepreneurs to thrive.

Speaking at the National Youth Conversation Series event at Capital Hotel in Lilongwe on Monday, NYCOM’s Executive Director Lex Chapota emphasized the need for accessible funding to support youth-led businesses.

Lex Chapota

Chapota highlighted the vast potential of the youth in driving economic growth and encouraged the public to reevaluate the importance of agriculture in boosting the country’s economy.

He emphasized that with the right support, young people can excel in this sector and create a positive impact.

Paul Gondwe, a young agricultural entrepreneur, echoed the sentiment, urging fellow youths to seize opportunities in the agriculture sector and contribute to reducing unemployment in the country.

“Agriculture is a lucrative sector that can create jobs and stimulate economic growth, and young people should take advantage of this opportunity,” he said.

Whyghtone Mweta, Credit Manager at the National Economic Empowerment Fund (NEEF), shared exciting news that the institution has relaxed some lending conditions to accommodate more youth.

He said the move is expected to empower young entrepreneurs to pursue their business dreams.

“We want to empower young entrepreneurs to pursue their business dreams, and this move is expected to make a significant impact,” he said.

The conversation brought together diverse stakeholders, including youth entrepreneurs, to discuss strategies for agriculture, tourism, and mining.

It was was  aimed at inspire and support young people in taking an active role in shaping Malawi’s economic future.

Established in 1996, NYCOM is a Statutory body responsible for coordinating youth work in Malawi.

The council has three major programmatic areas namely: Youth Participation and Economic Empowerment, Youth Reproductive Health and Research, Evaluation and Documentation.

It is based in the Malawi’s capital city, Lilongwe.

Chilima cleared of corruption charges

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Chilima cleared of corruption charges


By Chisomo Phiri

High court judge Justice Redson Kapindu has on Monday May 6,2024 ordered an immediate discharge and discontinuation of a corruption case involving the Vice President, Dr. Saulos Chilima.

This follows an application by the Director of Public Prosections, Masauko Chamkakala, in which he says the move is in accordance with section 99 subsection 2 of the Malawi constitution.

Chilima

The court order seen by this publication further indicates that all bail conditions against Chilima have been removed.

This means that the vice president is now a free person.

The Anti Corruption Bureau(ACB) arrested Chilima on November 25, 2022 following allegations that he received $280,000 from Zuneth Sattar, allegedly as a reward to assist Sattar’s Xaviar Limited to be awarded Food Ration Packs contract Reference number MPD/SB/16/04/2021, worth $7,875,000 by Malawi Government for the Malawi Police Service.

He was answering three counts bordering on corruption.

Chakwera says MCC’s $350m compact to improve rural road infrastructure

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Chakwera says MCC’s $350m compact to improve rural road infrastructure

By Cedric Nkungula

President Dr.
Lazarus McCarthy Chakwera says the second compact under the US$350 million Millennium Challenge Corporation (MCC) will enable Malawi to resolve challenges in linking smallholder farmers to markets by improving the road infrastructure.

President Chakwera made the remarks on Monday, when he presided over the inauguration of the second compact, under the US$350 (about K612 billion) Millennium Challenge Corporation (MCC) at a ceremony held in Dallas, Texas.

President Chakwera

President Chakwera, who is in the United States of America for the US-Africa Summit, commended the compact’s importance in driving Malawi’s economic prosperity and promoting transparent governance for all citizens.

“This compact exemplifies Malawi’s steadfast commitment to building a more resilient and self-reliant nation,” said President Chakwera.

“With poor rural road infrastructure, we see extremely high prices of farm-to-market transport and in some cases, significant market power of transporters and agro-processors,” he said.

He added; “These prices potentially inhibit the development of Malawi’s rural economy and stymie structural transformation by preventing the rural to urban movement of labor, and diversified production of cash crops.”

The Malawi leader said he was proud that Malawi has fulfilled both legislative and administrative reforms and actions which were conditions set out before the compact could become effective.

Alice Albright, MCC Chief Executive Officer described the multi-million dollar grant for infrastructure and land policy reforms as a significant investment in the people of Malawi.

“We are proud of our strong, enduring partnership with the people of Malawi and believe this compact will play a crucial role in Malawi’s economic development,” said Albright.

MCA, a US Government agency, is investing in Malawi’s transportation and land sectors to enhance rural market access, improve land administration and promote inclusive economic growth.

Malawi’s longstanding partnership with the MCC, dating back to 2005, has seen commendable progress in previous compact programmes and policy areas.

The new compact will prioritise the Accelerated Growth Corridors Project (AGC) to reduce transport costs in rural areas and enhance land productivity, alongside the American Catalyst Facility for Development Project to facilitate private sector engagement.

As part of the official launch, MCA Malawi II will host a symbolic celebration on May 30, 2024, in Lilongwe, to be graced by President Chakwera and MCC boss Albright.

Chakwera advocates for better rail network

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Chakwera advocates for better rail network

By Cedric Nkungula

President Dr. Lazarus McCarthy Chakwera says a better rail network has the potential to transform the transport sector through the reduction of costs of transporting goods and services.

President Chakwera said this during a discussion with executive management of All American Rail Group (AARG), a consortium involved in advancing rail infrastructure and agriculture projects in the United States and Africa.

“A better rail network will help us reduce transport costs, lower commodity prices, and increase profits for our producers,” said President Chakwera on Monday on the sidelines of the US-Africa Summit in Dallas, Texas.

Chakwera meet All American Rail Group management

“Today’s discussion marks the beginning of a long-term transformative partnership between the Malawi Government and AARG, which has the potential to revolutionize Malawi’s economy,” he added.

Chakwera said since he became president, revamping Malawi’s railway network has been a top priority for his administration and that it was pleasing that AARG executives had shown interest to invest in that sector.

“My administration is incentivizing commercial farmers to bring idle land back into production through the mega farm initiative. We need local and international markets for these crops and a functional railway system is necessary,” he said.

“Our Transport Master Plan has mapped out corridors to extend and rehabilitate the rail to facilitate the flow of agricultural products to urban, regional and export markets,” said the Malawi leader.

The AARG Consortium was established in November 2022 and comprises globally recognised firms specialising in railway design, engineering, construction and management. 

With a substantial turnover exceeding $19.7 billion over the past five years and a proven track record of managing significant projects across continents, AARG brings invaluable expertise to Malawi’s rail development ambitions.

Coca-Cola pledges continued investment in Malawi

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Coca-Cola pledges continued investment in Malawi


By Cedric Nkungula

One of the country’s biggest carbonated soft drinks manufacturer Coca – Cola, has pledged to continue investing in Malawi.

Coca – Cola Africa’s Vice President for Public Affairs, Communications, and Sustainability, Karyn Harrington, made the pledge during a meeting with President Dr. Lazarus McCarthy Chakwera, on the sidelines of the US – Africa Summit in Dallas, Texas.

“In our continued engagement with Malawi, it’s evident that we remain dedicated to investing and fostering growth,” stated Harrington.

Chakwera with Karyn Harrington

“With our longstanding presence in Malawi, we are keen on furthering constructive dialogue with your government to address pertinent issues affecting the business landscape.”

President Chakwera expressed his government’s emphasis on manufacturing as a key sector in the national development agenda, encapsulated in the Malawi 2063 Vision.

“I am particularly excited that you have plans to grow the Coca-Cola business as part of your expansion plans in Malawi. My government stands ready and prepared to work and cooperate with you in all the areas where you need our assistance,” said President Chakwera.

“We believe that the sector is integral in transforming Malawi into a middle-income economy by 2030, more so because of its ability to elongate the value chains of agricultural products, production of which my Government is incentivizing by promoting mega farms,” he said.

President Chakwera extended an invitation to Coca-Cola to participate in Malawi’s industrialization drive, emphasising the government’s efforts to enhance the business environment.

He singled out initiatives such as the One Stop Service Centre and favourable tax regimes for the manufacturing sector are indicative of Malawi’s commitment to fostering investment and trade.

“We have been undertaking business reforms to ensure that the business environment is conducive for investment and trade by reviewing laws that previously acted as obstacles to doing business and investment,” President Chakwera assured the Coca-Cola boss.

President Chakwera is among African leaders participating in the US-Africa taking place in Dallas which presents an invaluable opportunity to explore potential business collaborations, attract investment and showcase Malawi as an attractive destination for trade and investment, particularly under the ATM Strategy (Agriculture, Tourism, and Mining).

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