The Malawi Agricultural and Industrial Investment Corporation (MAIIC) has urged the Parliamentary Committee on Industry, Trade, and Tourism to lobby for additional financial resources to enhance Malawi’s agriculture and tourism sectors.
During a committee briefing on Wednesday, MAIIC officials highlighted their support for Small and Medium Enterprises (SMEs) through loan accessibility.
MAIIC Board Chairperson Donbell Mandala stated that with adequate funding, the corporation could expand its impact, particularly in forex generation through agricultural processing and tourism.
“We are pleased that over the past five years, MAIIC has generated approximately K6.5 billion in profits from a capital base of K20 billion,” Mandala said.
However, he noted that financial constraints are limiting MAIIC’s operations. He cited a shortfall in funding, as they requested $50 million but received only $20 million from the Reserve Bank of Malawi (RBM).
Mandala emphasized that securing the remaining funds would enable MAIIC to invest in major projects such as solar plants, hotels, and manufacturing industries.
Vice Chairperson of the Parliamentary Committee on Industry, Trade, and Tourism, Arthur Chipungu, expressed concern over MAIIC’s financial challenges. He assured the corporation that the committee would engage relevant authorities to push for additional support.
Chipungu also pledged to visit project sites to assess the impact on beneficiaries.
MAIIC continues to play a vital role in Malawi’s socio-economic development, job creation, and wealth generation.
