National Economic Empowerment Fund (NEEF) has urged loan beneficiaries to improve on repayments to ensure sustainability of the fund.
NEEF Chief Executive Officer, Humpreys Mdyetseni, made the remarks in Lilongwe during a meeting with Lilongwe Women Empowerment Forum, where he disclosed that many people, especially women in Lilongwe, are defaulting on loan repayment.
Mdyetseni said NEEF is currently providing loans under the micro-irrigation programme to help the country achieve food security and defaulting on these loans may hinder the programme’s progress by limiting access for other potential beneficiaries.
He further stated that through NEEF, government is promoting irrigation farming, expanding loan access and incorporating compulsory environmental preservation measures for loan recipients.
According to Mdyetseni, about 30,000 farmers across the country have accessed agricultural loans amounting to K14 billion.
Chairperson of the Lilongwe Women Empowerment Forum, Stella Tchuthi, said the engagement was beneficial as it equipped the women with financial management skills crucial for sustaining their businesses and improving their livelihoods.
Tchuthi said the forum will encourage women to repay the loans.
