The Tonse Alliance Government has rebranded Malawi Enterprise Development Fund (MEDF) to reflect the government’s aspirations towards Malawians.
According to Secretary to Treasury Chauncy Simwaka, the company will now be called National Economic Empowerment Fund Limited.
However, the role of the company has not changed.
“The company will continue providing micro-finance services to all Malawians who wish to set up small businesses or expand their existing business in the country,” said Simwaka.
He added that the company’s employees will be distributing loans to all Malawians for economic empowerment using loan application forms.
The rebranding comes after government instituted a financial audit of the company and reviewed its operational models and procedures.
In the 2020/21 budget, the company was allocated K40.0 billion and Minister of Finance Felix Mlusu said the amount will gradually be increased to K75.0 billion.
Mlusu said following the increased allocation, Government is expected to support the creation of 200,000 enterprises run by the youth and women.
“These enterprises in turn are expected to create over 600,000 jobs which will result in an increased tax base and improved welfare of our people,” he said.