Growth Accelerator disburses K9bn to local entrepreneurs in 4 years
Fazilla Tembo-Nyasa Times
Growth Accelerator Malawi program with financial support from German’s KfW Development Bank has so far disbursed K9 billion in terms of grants to innovative and young start-up entrepreneurs over the last four years.
The bank has also set aside K6 billion for the same course in the next rounds of the program.
KfW Development Bank Country Director Oliver Gleiss
Speaking during the launch of sixth round of the program, KfW Country Director, Oliver Gleis, said the bank will continue supporting the young entrepreneurs to accelerate their businesses.
“Most of the business entrepreneurs are working hard to grow their ventures despite facing numerous challenges like power, water, fuel, forex and disease outbreaks,” he said.
Gleiss said the financial support has enabled growth and scale up of their businesses.
Principal Partner in Growth Accelerator program, UNDP Deputy Resident Representative Challa Getachew
Gleiss expressed his satisfaction over how the program is implemented.
Our highest expectation is that this program will reach out those in need through rigorous and transparent processes.
A Principal Partner in the program, United Nations Development Programme (UNDP)’s Deputy Resident Representative, Challa Getachew said young people continually face unemployment and continued economic shocks to an already weak private sector that is unable to create enough job opportunities.
“We position the program to compliment government’s efforts in achieving inclusive wealth creation and self-reliance for economic independence,” he said.
Team Leader for Growth Accelerator Malawi Challenge, Blessings Chavula
Getachew however expressed confidence that the sixth round will unearth applications from good quality business ventures that will generate real social and environmental impact for the lives of Malawians.
Team Leader for Growth Accelerator Malawi Challenge, Blessings Chavula said the program will continue accelerating the growth of innovative enterprises in Malawi.
“Entrepreneurs plays a significant role in the growth and development of the economy therefore the program has positioned itself as a catalyst for rapid and strategic growth of local businesses by offering them with financial and technical support,” he said.
So far over 60 business have received technical and financial support from K10 million to K40million as a grant.
Growth Accelerator Malawi is co-implemented by MHub and Growth Africa with Principal partners, KfW Development Bank and UNDP while NBS Bank, National Bank and Kweza Equity as investment partners.
