Malawi Agricultural and Industrial Investment Corporation (MAIIC) which was established last year to drive private sector led economic development has started operating in the country.
This was revealed during a press briefing that MAIIC in conjunction with the Reserve Bank of Malawi conducted on Tuesday in Lilongwe.
Speaking to the press, MAIIC Chief executive officer, Taziona Chaponda, said since November 2018 when MAIIC was launched, the company had been putting things in order like recruiting staff but now the company has been officially operationalized.
He said the main objective is to support private sector development and boost its activities by mobilizing finance and capital from the private sector and international investors among others.
He further said the private sector will also benefit from working with MAIIC in a way that the institution will be extending credit facilities to private sector entities.
Chaponda who once worked as a senior executive economist at IMF in Washington said, among others, the agriculture, agribusiness, industrialization and tourism sectors will also benefit from MAIIC since they will become part of those sectors’ client base.
In his remarks, The Reserve Bank of Malawi governor, Dr. Dalitso Kabambe said MAIIC has come at the right time when the economy has stabilized and it will help in boosting the economy of the country since it will support various businesses and projects that must help the country’s economy to grow.
He said MAIIC is different from the other banks as it will provide long and medium term loans which will help businesses to grow in the country thereby developing the country’s economy.