ACCESS TO FINANCE WEAKENS INDIGENOUS BUSINESSES INVESTMENT VIGOR

Date:

The local business community has responded on claims by authorities that they have not been forthcoming in making joint ventures on big investments.

The Chief Executive Officer for Public Private Partnership Commission (PPPC) Jimmy Lipunga said this after observing that the locals did not bid during both Air Malawi Privatization and Fiber Optic project –
which were respectively awarded to Ethiopian airlines and SIMBA Net.

“No local entrepreneur bid during the two processes, so we cannot force the locals to invest.” The PPPC boss Said.

In response, the local entrepreneurs through their grouping; Indigenous Business Association of Malawi IBAM said access to finance remains the barrier to locals as such investments require more
capital.

IBAM’s President Mike Mlombwa has since said his grouping is contemplating on meeting the president to among others share the challenges facing the operators and possibly give policy suggestions
to correct the situation.

Said Mlombwa, “The problem is access to finance, you know, such projects are very big, they need millions of USD and without government’s intervention, we cannot raise the required capital to
partner with them (Preferred bidders).”

Meanwhile, Mlombwa said IBAM is prepared to work with the new government on how they can improve some of these challenges.

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Robert Ngwira
Attended Our Future Private Secondary School in Rumphi from 2006-2009 Holder of Diploma in Journalism from Malawi Institute of Journalism (MIJ) Hobbies, reading newspapers, going out with friends, listening to radio and watching football. Email: info@faceofmalawi.com

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