National Economic Empowerment Fund has disbursed K5.56 billion cash various women and youths groups.
NEEF Spokesperson Whyton Kapasule said the money has been given to them in order to uplift their lives.
Kapasule, who said NEEF is mandated to assist Malawians on small business ventures which will uplift their well being, said: “K5.56 billion has been disbursed so far to women and youth groups. National Economic Empowerment Fund Limited is mandated to assist Malawians to set up small business ventures which will uplift their wellbeing by providing them with affordable loans, and sustainable, technical, entrepreneurial, financial and managerial skills.”
Kapasule said 2,335 Groups have benefited from the cash loans.
He said the groups comprise of 10 members minimum and that gives more than 23, 350 beneficiaries so far.
“The loan products are structured according to age with the women loan age limit being 18 to 60. This means that among the women that have benefited are female youths between 18 and 36 that couldn’t register as youths due to marital status or other issues.
“We likely, therefore, have more youths between the ages of 18 and 36 years that have benefited from the loans than women,” said Kapasule.
Kapasule said in February 2021, the institution commenced the disbursement of new loans. As of 4th May, 2021, NEEF has disbursed a total of MK5.56 billion.
He said out of 2,335 groups, 1478 are Women groups representing K3.37 billion while 616 are Youths groups representing K1.37 billion and MKO.82 billion to other types of loans.
“We have dedicated the month of May as a recovery month and greater focus is on the MEDF loans”
These are the loans which were distributed by the deposed Democratic Progressive Party regime. The loans were given willy-nilly without following loans protocol, but was only merited on political grounds.