Grants Program to Boost SME Growth Under World Bank Initiative
Gwengwe
Minister of Trade Sosten Gwengwe has emphasized that access to finance is crucial for Malawian small and medium enterprises (SMEs) to play a significant role in achieving the Malawi 2063 development agenda.
Speaking in Lilongwe on Monday during the launch of the Grants Program under the World Bank’s Southern Africa Trade and Connectivity Project (SATCP), Gwengwe highlighted the importance of empowering the private sector.
“When our private sector is vibrant and well-resourced, it becomes the catalyst for structural transformation, creating jobs, increasing exports, and improving livelihoods,” he said.
The SATCP, a World Bank-funded initiative under the Ministry of Transport, has contracted CCM Worldwide to manage the Grants Program.
According to a representative of CCM Worldwide Bronex Kathyola, the program targets SMEs operating in the agriculture sector within the Nacala and Beira corridors across 15 districts in Malawi.
“SMEs will go through a competitive process to qualify for the grants. The focus is on agribusiness enterprises in the targeted districts,” Kathyola explained.
The targeted districts include Ntcheu, Dedza, Mchinji, Lilongwe, Balaka, Neno, Mwanza, Blantyre, Mulanje, Thyolo, Mangochi, Zomba, Chiradzulu, Phalombe, and Machinga.
The grant fund, totaling USD 6 million, will be distributed based on the financial requirements of successful applicants. The initiative is expected to enhance SME competitiveness and contribute to economic growth in Malawi’s agriculture sector.
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