K13 billion loan fund not for DPP cadets only – Mwanamvekha


Minister of Finance Joseph Mwanamvekha says the K13 billion Women and Youth Loan Programme which has been launched today will be accessible to everyone, not only Democratic Progressive Party (DPP) youths.

Mwanamvekha made the remarks in Blantyre today where President Peter Mutharika launched the revolving loan fund programme managed by Malawi Enterprise Development Fund (MEDF).

The minister said he had heard claims that only DPP youths will be given loans under the programme. He described such claims as lies, saying all women and youth will access the loans regardless of party affiliation or their religion.

“Mr President you don’t’ discriminate against anyone. You have told us that these loans are for everyone, from Nsanje to Chitipa. Let me thank you for this Mr, President,” he said.

The Minister also revealed that Mutharika ordered the Ministry of Finance to add K5 billion to the initial amount of K8 billion that was approved by Parliament when the House passed the 2019/20 budget.

According to Mwanamvekha, the increase followed concerns that K8 billion would not have been enough for youth and women in all districts across the country.

The minister then asked beneficiaries to pay back the loans so that other people should also benefit from the programme.

Said Mwanamvekha: “In the past, there was poor management of MEDF loans because beneficiaries were not paying back the loans. So I urge all beneficiaries to pay the loans.”

During the function, some groups and cooperatives that have benefited from the programme were given symbolic cheques.