Admarc seeks K340bn for recapitalisation

The Agricultural Development and Marketing Corporation (Admarc) says it needs K340 billion for recapitalisation to ensure seamless and profitable operations of the State produce trader.

Jumbe: Admarc seeks money for recapitalisation

Admarc acting chief executive officer Felix Jumbe said this on Tuesday in Lilongwe when the parastatal’s management met parliamentary committees of, Agriculture and Food Security, Budget and Finance and Natural Resources.

“The role of Admarc to effect food security is supposed to be done through business,” said Jumbe, a former legislator.

He said the K340 billion recapitalisation will help Admarc to revamp itself as a serious business entity.

In April this year, Admarc also indicated that it wants to borrow K100 billion from Export Development Fund (EDF), a development finance institution.

Jumbe said the loan sourced through Parliament would be repaid to the external financiers over a period of time.

Speaking on behalf of the parliamentary committees, Agriculture and Food Security Committee chairperson Ulemu Chilapondwa said they support of Admarc’s resolve for recapitalisation, adding that farmers are suffering because of the institution’s inefficiencies and lack of sound capital.

“We will fully support this idea and the intention for the management to turn around Admarc,” Chilapondwa said.

He said the Parliamentary Committee will offer its support to ensure commercial visibility of Admarc.

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Namaste
Namaste
8 months ago

This institution is a joke. For decades now all we hear of are financial problems and reform plans. It’s time to just shut this money drain down.

Parallel Market
Parallel Market
8 months ago

Where do you think that colossal sum of money will come from? Government? You must be joking Mr. Jumbe. Resign if you feel you won’t manage to run ADMARC. Just pack and go if you cannot manage the institution with the resources available.

Mwinithako
Mwinithako
8 months ago

Jumbedi is lucky indeed for being Chewa an former MCP diehard.He came to DPP out of furastration .He will actually survive.Ndiwawoo a MCP yooo

Shonai
8 months ago

Jumbe is lucky because he is a Chewa, otherwise if he was from other areas he would have. been sucked already.

Chamba
Chamba
8 months ago

Do these people just throw out these figures ???? what is one ADMARC going to do with $500 million kuzolowera kuba??? MR Jumbe what excatly do you plan to do with all that money

Prosper
Prosper
8 months ago
Reply to  Chamba

What could you expect from a parastatal CEO? These guys are just parasites to the fiscus.

Last edited 8 months ago by Prosper
Nyakwawa A
Nyakwawa A
8 months ago

Not with the current management full of cadets.

What is the basis of the MK340 billion? What for?

Takwalakwa
Takwalakwa
8 months ago

Jumbe is mad and I wonder why Tonse Alliance is still keeping this useless man. ADMARC has been borrowing every year but nothing tangible has come out of it, if anything is more misery. Mr. Jumbe, please please! change, you seem to be continuing where DPP left. You are all over town cheating MPs to support you on the expense of the country. Your appetite for Govt money is too much. What you always think is getting money from Government. Apatseni ena udindo ngati mukukanika. FORSEK!

Isaac Mbewe
Isaac Mbewe
8 months ago

Iwe Friday Jumbe, you must be joking, all that money? Why did you fail to request that during DPP when you were part of it? Will only give ADMARC that much when we remove you as acting CEO because we know you are a crook and wants to steal money billions out of that, paja ndi DPP ndikusolora are friends. Look now the person you were dishonouring is the State President. Munadya mfulumira, its just a matter of time to be booted out of ADMARC. Go to your falling Peacock company.

Dr Manuwele
Dr Manuwele
8 months ago

Nearly $500 million? Are you crazy Friday Jumbe, who will give Admarc that much money? Our politicians are far too busy looting and enriching themselves to fund Admarc

Last edited 8 months ago by Dr Manuwele
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