CDH Investment Bank invests K60m to LUANAR towards strategic initiatives
CDH Investment Bank (CDHIB) has partnered with Lilongwe University of Natural Resources (LUANAR) by signing a memorandum of understanding (MoU) with an investment worth K60 million towards three strategic initiatives for the period of three years from 2023 to 2025.
The Bank shall annually provide K20 million for the university to execute tree-planting initiatives, agri-innovation challenge and provide scholarships to at least 5 innovative, talented and unique students per year that join it from secondary schools under the LUANAR innovation scholarship program.
CDHIB shall commence its contribution towards the MOU this year, at the launch of the various activities that will be undertaken by LUANAR.
The first disbursement of funds is expected to be towards the tree-planting initiative, to be followed by execution of the agri-innovation challenge and scholarships for talented needy students later this year.
At the MoU signing ceremony at Bunda campus in Lilongwe on Friday, the Bank’s Executive Director, Beatrix Mosiwa Ndovi said the fund seeks to create value for the nation by supporting the fight against climate change for a green economy, improving access to education for talented students and further improve innovations.
“As we celebrate 10 years of banking operations, we believe that investment in our environment, innovation and supporting the education of talented needy students, creates value in the development of our nation as these initiatives positively contribute to the overall growth of our nation,” she said.
Mosiwa-Ndovi further said the funding resonates well with the bank’s core purpose which seeks to see the growth of Malawi in all sectors, adding that CDHIB is passionate about helping businesses to grow.
As such, she said, the bank understand the impact of their contribution towards initiatives that are propelling developmental growth such as LUANAR’s tree-planting initiative to combat climate change, addressing innovative solutions to societal agriculture-related challenges and supporting education through scholarships.
LUANAR Vice-Chancellor, Professor Emmanuel Kaunda expressed gratitude that the agreement will spur positive growth of the institution from the cordial relationship between the two entities.
“LUANAR is also celebrating 10 years of operations, just as CDH Investment Bank and we could not think of a better way to celebrate besides partnering to address the three initiatives,” Kaunda said.
“LUANAR is passionate about its initiatives that will provide the university with its sustainable activities. The contribution will help to enhance delivery of a variety of projects at the institution.”
He added that through the tree-planting, the innovation challenge and scholarships initiatives, LUANAR is aligning itself with the MW2063 development blueprint and therefore, the contribution is a catalyst for achieving objectives of the plan.
The Vice-Chancellor assured the bank of the safety and accountability of the funds at the institution.
In celebrating the 10th anniversary, CDHIB — which opened for business on April 2, 2012 — has made several corporate social responsibility (CSR) initiatives that include donating K16.9 million to Mary’s Meals towards construction of a kitchen and learners feeding block at Mbinda Primary School in Blantyre.
It also invested K15 million for the construction of a school block at Dzama in Lilongwe — a project being undertaken by University of Caroline
CDHIB has before contributed a lot to support the country’s education development efforts in a variety of ways over the past 10 years — ranging from provision of learning materials, infrastructure, financial support to less privileged students through their institutions of learning.
The Bank first rolled out as Continental Discount House Limited in August 1998 operating in the financial sector for 14 years before converting to CDH Investment Bank.
The bank is celebrating the 10th anniversary of providing banking services under the theme ‘creating value’ having grown through leaps and bounds in its positive contribution to the growth of many individuals, organizations and communities — and ultimately the nation.
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