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Three years after the sale of two commercial banks – Malawi Savings Bank (MSB) and Indebank, government has finally used K13 billion from the proceeds for the establishment of the Malawi Agricultural and Industrial Investment Corporation (MAIIC).
Minister of Finance, Economic Planning and Development, Goodal Gondwe disclosed this in Lilongwe during the launch of the Government initiated but private sector led development finance entity.
The proceeds from the sale of the two banks have been idle since 2015 an issue which has been a bone of contention between government and players in the economic sector.
