Both Minister of Finance Economic Planning and Development, Joseph Mwanamveka and Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe disclosed that MAIIC has since hired Taz Chaponda, a development economist, to be its chief executive officer (CEO).
Mwanamveka said since the institution was already launched in November last year, what will happen now is to announce operational resumption as well as products and services to be offered.
He said it is important to announce to the public about the corporation’s specific products and services, lending terms and conditions as well as letting people familarise with the management term.
Mwanamveka said MAIIC will help solve long term lending gaps the country grappled with over the past years, hampering progress in local investment opportunities.
He said: “There will be a window also where MAIIC will be financing microfinance institutions to ensure small and medium enterprises benefit from the financing facility. what will happen is that once we have MAIIC, then we will have bigger and long term projects that we ordinarily were unable to implement in the past.”
On his part, Kabambe said MAIIC was ready to roll out, adding that the CEO and management team have been hired.
“The cooperation will help financing a lot of local projects particularly in agriculture and those in manufacturing sector,” he said.
President Peter Mutharika launched MAIIC, a government initiative but private sector led development finance institution in November last year to empower agro-businesses and industrial firms acquire financial assistance, management and skills training as well as loans.
MAIIC will not be a bank, but a vehicle for spearheading private sector development in line with the Malawi Growth and Development Strategy (MGDS III).
The establishment of Maiic follows findings of a feasibility study conducted by independent consultants in 2013 and 2018 that government-led development finance institutions were plagued by government hitches.
The Malawi Government has 20 percent stake with others taking up 80 percent under PPP arrangement.
In Maiic, Malawi government’s starts up capital comprises K22 Billion and another K13 Billion from the proceeds of the sale of Malawi savings bank (MSB).