Key Business Points
- NBM Development Bank Limited has secured a £900,000 grant from the Scottish Government to support women-led enterprises in Malawi, with the first tranche of £265,000 to be disbursed this month.
- The grant will provide patient capital, including equity to women-owned businesses in various sectors, including agribusiness, health, education, and tourism, to scale up their activities.
- The partnership between NBM Development Bank and African Lakes Company Limited is expected to contribute significantly to Malawi’s development goals and provide access to capital for women-led businesses seeking to grow.
The news of the grant is a significant development for Malawi’s business community, particularly for women entrepreneurs. The funding will be managed by NBM Development Bank Limited, a development finance institution owned by National Bank of Malawi (NBM) plc, and will be used to support women-led enterprises in various sectors. According to Bernard Masi, general manager of NBM Development Bank, the grant is a strong endorsement of the bank’s impact in supporting entrepreneurs. The partnership with African Lakes Company Limited is expected to grow in the years ahead, with the two organizations working together to provide debt and equity investment to existing businesses led by women.
The grant is a timely boost for women-led businesses in Malawi, which often face challenges in accessing capital to grow their businesses. The funding will be used to provide patient capital, including equity, to support the growth of these businesses. As Bobby Anderson, managing director of African Lakes Company Limited, noted, the partnership will contribute significantly to Malawi’s development goals. The bank’s core business is to provide debt and equity capital to small and medium enterprises within key target sectors, including agribusiness, health, education, and tourism.
The news of the grant comes after NBM plc officials met with the Scottish First Minister John Swinney to brief him on the strides made in supporting small businesses in the country. The meeting highlights the growing interest in Malawi’s economy and the potential for investment opportunities in the country. As Malawi’s business community continues to grow, initiatives like the grant will play a crucial role in supporting local entrepreneurs, particularly women, to access capital and grow their businesses. With the grant, women-led businesses in Malawi can now access mkandawire, or capital, to take their businesses to the next level.
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