Chakwera Launches K350 Billion Economic Fund, Touts Job Creation Goals
The NEEF initiative represents a significant investment in Malawi's economic development, with potential far-reaching impacts on job creation and poverty reduction across the country.
BALAKA, Malawi — President Lazarus Chakwera on Thursday launched the second phase of the National Economic Empowerment Fund (NEEF), a K350 billion initiative aimed at boosting Malawi's economy, writes Mary Makhiringa, MANA.
Speaking at a ceremony in Balaka District marking the 100 billion kwacha loan disbursement milestone, Chakwera highlighted his administration's focus on job creation, wealth creation, and food security.
"I always feel bad to see people, especially the youth, in acute poverty," Chakwera said.
"It is encouraging to see all these positive stories from beneficiaries of the K100 billion milestone that we are celebrating today."
The president urged authorities to avoid favoritism in distributing funds, emphasizing the need for equal consideration "so that the nation could move from poverty to prosperity."
NEEF Board Chairperson Jephta Mtema reported that the fund has 175,000 clients who have in turn created 350,000 jobs.
He credited the success to collaboration with various stakeholders, including a 103 billion kwacha contribution from shareholders.
Mtema acknowledged challenges, including "clients failing in entrepreneurship, political interference and corruption by company staff."
Balaka Central East Member of Parliament Bertha Ndebere called for greater inclusion of people with disabilities in accessing NEEF services.
She also appealed for rehabilitation of the Chingeni-Liwonde Road.
The NEEF initiative represents a significant investment in Malawi's economic development, with potential far-reaching impacts on job creation and poverty reduction across the country.