Having the seed capital of $25 million (about K18.5 billion), the Malawi Agricultural and Industrial Investment Corporation (Maiic) will begin investing in 3 projects out of the 12 project funding applications out of which four were presented to the  Maiic board for approval.

Maiic Chief Executive Officer, Taz Chaponda, revealed that the three projects have been approved while another is being vetted. He said disbursement of the funds will depend on time the project sponsors will meet the conditions. “I cannot disclose the projects now or how much they will get but I can tell you that one is in the tourism and hospitality industry, another in the sector of feed production and the last one involves skills development. Once they have accepted and signed, we will be happy to share with you all the details,” Chaponda said.

Maiic was established in 2018, finding that the government-led development finance institutions were plagued by numerous bureaucratic hitches, hence providing the initial seed capital of $25 million (about K18.5 billion).