Today I had the privilege of meeting with officials from the Malawi Agricultural and Industrial Investment Corporation (MAIIC) to seek clarity on the institution’s mandate and understand its role in the economic and social development of the country.
This local development finance institution was created to support development priorities through commercially-oriented and financially sustainable projects that promote economic development and job creation.
I was impressed that in the 11 months that it has been operational, its impact can be seen through the 530 jobs created in various sectors, 102 jobs of which were created through financing Multiseed Company Ltd alone.
I have learnt that so far, the organization has already made inroads in providing financing in the sectors of agro-processing, mining, energy, real estate and information and communication technologies.
It is clear that MAIIC is a crucial enabler of development through its model of working with financing institutions to mobilise resources from the private sector as well as support from the government.
But for that to happen, MAIIC must enhance its visibility and create even more opportunities to grow its finance portfolio to enable large scale projects in energy and manufacturing.
This time, we did not discuss public sector reforms but I have requested for a strategic plan to understand areas which would require input to fast track the organization’s growth.
Have a great weekend. Covid is real, mask up!