The Tonse Alliance led government has proceeded to rebrand the Malawi Enterprise Development Fund (MEDF), the mega loan program aimed at developing and reviving small scale businesses for the youth and women in the country, to become the National Economic Empowerment Fund (Neef) Limited, secretary to treasury has confirmed.
Minister of Finance Felix Mlusu announced in the 2020/21 budget statement about plans to rebrand Medf, saying government wants the loan scheme to become one of the Malawi’s strategies to achieve government’s vision 2063 goals.
Neef Limited has also changed its logos from Medf, a branded version of two former State-owned enterprises namely Mardef and Youth Enterprise Development Fund (Yedef).
According to the secretary to treasury, Chauncy Simwaka, the rebranding is “in line with the aspirations of the new government towards the Malawians.”
Simwaka said: The company [Neef Limited] will continue providing micro finance services to all Malawians who wish to set up small businesses or expand their existing business in the country.”
The government is trying its best to ensure that the youth and women have a viable financial access in the country.
Economic Association Of Malawi president Lauryn Nyasulu has said there is need for restructuring the loan facility to alleviate adverse effects of political interference on the loans to the youth who owns micro businesses with cash flow problems.
According to Nyasulu significant numbers of youths have inverted or trying to come up with innovations but have no financial destination to take their dreams to.
Social commentator Wonderful Mkuche said government has to make sure economy is working for all, youth inclusive.
” When things are good at macro level it also impact the micro level, but we need direct social developmental loans that can spur innovative growth that are in line with modern world, ” he said.
He added that they is more to be done in practice to uplift lives of young people.Follow and Subscribe Nyasa TV :