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NEEF bails out Lilongwe-based industrial association
The National Economic Empowerment Fund (NEEF) intends to reach out to members of Biwi Triangle Light Industries (BTLI) in order to improve their capacity through loan provision.
MALAWI: The National Economic Empowerment Fund (NEEF) intends to reach out to members of Biwi Triangle Light Industries (BTLI) in order to improve their capacity through loan provision.
NEEF Area Supervisor for Kawale, Issac Zinyemba, stated that members of the association have everything they need to smile and dance to a nice song.
"Because the vast majority of Malawians are not financially stable, it is very difficult to obtain alone using the protocol for collateral, thus the initiative," Zinyemba explained.
He also stated that the government has resolved the issue by granting members of various Associations, such as Biwi, permission to access loans from their respective Associations.
He went on to say that the government has reinstated the monthly interest rate of 3%, so artisanal skilled personnel, including those at the Biwi Industrial Site, now have a 2% interest rate.
"But rest assured, the process has been revised, and it will take 21 days for an applicant to be approved for a loan," Zinyemba said.
He also stated that NEEF is more than willing to collaborate with various stakeholders, including the Biwi Triangle Light Industries Association, in order to accelerate job recruitment in the country.
"We are collaborating with a number of other stakeholders, including the association and TEVETA," Zinyemba explained.
TEVETA Service Center Manager Joseph Sabaya praised NEEF for the project that will improve the lives of workers.
"As TEVET, we are extremely grateful for this opportunity because some of the people we train will be able to obtain loans through this program," said Sabaya.
Felix Tsokonombe, Councilor for Biwi Ward, echoed Sabaya's sentiments by thanking NEEF for providing timely assistance to the people in his ward.
He also urged Association members to take advantage of this opportunity to improve their lives on a daily basis.