APM launches Agricultural and Industrial Corporation: This is transformation

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President Arthur Peter Mutharika says the establishment of the Malawi Agricultural & Industrial Investment Corporation (MAIIC) is a true manifestation of his dream to transform Malawi through industrialisation.

President Mutharika: MAIIC is a catalyst for socio-economic development (file photo) President Mutharika: MAIIC is a catalyst for socio-economic development (file photo)

President Mutharika was speaking at the Bingu International Convention Centre (BICC) in Lilongwe on Wednesday when he officially launched MAIIC which is a government initiated but private sector led development finance entity.

MAIIC aims at empowering agro-businesses and industrial companies to acquire financial assistance, management skills and training as loans.

The President said the investment corporation was a means to implementing his government’s national visions that include turning Malawi from an importing and consuming country to becoming a producing and exporting country.

“The empowerment of farmers and industry players is what we are launching today. I can confidently say that transformation has now come to Malawi,” said President Mutharika.

He disclosed that the corporation would be autonomous and that government would only hold 20 percent of the shareholding plus just two board members while the rest shall be retained by the private sector.

“MAIIC will play a leading role  in partnership with the government, the private sector and international investors as a catalyst for socio-economic development, job creation and wealth creation in Malawi,” he added.

In his remarks, Finance and Economic Planning Minister Goodal Gondwe said government has put a MK22 billion seed money into the corporation, which include a MK13 billion proceeds realized from the sale of the Malawi Savings Bank.

Gondwe further linked MAIIC to the establishment of community technical colleges- one of President Mutharika’s flagship programmes.

“This is now making a lot of sense; we are training youth in community technical colleges, and we are now inaugurating an institution which they can use to tap financial resources. And if I could be a little political, I would say while the issue of transformational leadership is a song out there- here we are delivering transformation,” said Gondwe.

According to Gondwe, MAIIC is a public liability company that has already been registered.

The institution is expected to open its initial branches in Lilongwe, Blantyre and Mzuzu soon.

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