Chakwera pledges K1 trillion youth loan initiative, promises bigger support for young entrepreneurs
President Lazarus Chakwera has announced an ambitious K1 trillion loan program aimed at empowering Malawian youth, promising to extend microloans to 1 million young people and disburse larger loans of K10 million each to 10,000 youth entrepreneurs.
The announcement was made Saturday evening during an awards ceremony held at the Bingu International Convention Centre (BICC) in Lilongwe, celebrating winners of the “Dolo Kwambiri Amavotela Chakwera” music competition.
The President praised the role of the arts in youth development, congratulating the five winning artists, each representing a musical genre, who walked away with K5 million in prize money. The competition, which began in December 2024 and received 220 entries, was spearheaded by Minister of Trade and Industry Vitumbiko Mumba.
“I’ve seen talent today that has long been hidden,” Chakwera said. “I commend Vitumbiko Mumba for helping shine a light on these gifted individuals. To all of you, I say: keep going, your talent is your future.”
The president used the occasion to highlight his administration’s broader track record on youth empowerment and social investment.
“In the past five years, we’ve disbursed over K3 billion to 275,000 people through NEEF and over K5 billion via COSOMA,” he said. “We’ve raised the minimum wage three times, scrapped taxes for those earning below K100,000, and awarded bursaries to over 40,000 secondary school students.”
Chakwera also pointed to significant infrastructure and energy milestones, including increasing national electricity access from 11% to 25% and investing K200 billion into the Mtukula Pakhomo social protection program.
Emphasising continuity, he framed the upcoming elections as a choice between progress and regression.
“With the roads we’ve built, the lives we’ve improved, and the youth we’ve empowered, should we go back to the days of underdevelopment?” he asked. “In my second term, I commit to scaling up. One million youths will access K1 trillion in loans, and 10,000 of them, those engaged in large-scale business, will receive K10 million each to grow and become millionaires.”
The event marked both a celebration of youth talent and a platform for President Chakwera to outline a bold second-term vision centred on youth empowerment, economic opportunity, and inclusive growth.
