Minister calls for affordable financing among macro-finance lending institution

The Minister of Finance Simplex Chithyola Banda has underscored the need for financial lending institutions including banks to provide affordable financing to enable people to do investment and make profits.

Chithyola Banda was at this year’s National Product Magazine (NPM) mid-year awards on Saturday night at Bingu International Conference Centre (BICC).

He called upon macro-financing institutions and banks to come up with teller made financial products that can enable people to venture into agri-business, investment so that the country can increase production as well as value addition.

“But I also talked much about quality, we cannot produce focusing on quantity alone but we also need to focus on quality and that also nowadays focuses on value addition, for one to expand export base we need to export these products and that requires some kind of financing that is the reason why I made that call,” he said.

Steven Chinyamula Chief Executive Officer for NPM said the idea behind this event was to promote Malawi for international market as Malawi is struggling with forex while it has the through production from locally available materials and export hence the concept for this year that can help the business sector to propel.

“Our job is provide adequate information, you know every organization that has got know information doesn’t last long, so our role is to provide that to relevant sectors, one of them is financing because these industries they rely upon financing in several projects, you remember agriculture sector if it has to be financed well by these banks and any other financial lending institution it means farmers will be equipped, encouraged, motivated and produce more that can make Malawi’s forex,” he said.

Themed: “Exporting Excellence: the role of agriculture, transport and manufacturing in strengthening Malawi’s Foreign Exchange,” the event recognized top innovators, manufacturers, and sector players in celebrating local products.

Here is the list of awards that were presented;

-The best manufacturer for energy saving bulbs is DEK Engineering Company.

-Best spirit brand in Malawi and international has gone to Cape Stars.

-The best eatery in Blantyre is Krazy foods.

-The best lending financial institution in Malawi is Vision Fund.

-Top women furniture sector is Lefinati Tambala Furniture.

-Excellent branding and printing for women is Star Printing Press.

-Excellence award in fuel service has gone to Petroda Malawi Limited.

-The best manufacturer of coffee in Malawi is Usingini Upland Company.

-The best supplier of fertiliser in the agriculture sector is SFFRFM and best agriculture financing bank is NBS Bank.

-The best CEO in courier services in Malawi is Jacqueline Bokosi of CTS Courier Services.