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Government has announced that a loan scheme increased from K800 million to K1 billion will be launched on January 21, 2005 “as a New Year’s gift”.
Information Minister Ken Lipenga said on Wednesday in an interview the loan scheme that stood at K500 million ($4.5 million) when it was mooted during the general elections will be administered by the Malawi Savings Bank.
He said there would also be a board that will be assisted by organisations with relevant expertise to run it.
“The scheme will be administered in such a way that we should avoid the problems of the past,” said Lipenga. “We want to avoid nonpayment of the loans.”
He said the board and the organisations in question would be processing loan applications.
“People will be asked to organise themselves into groups to ensure there is peer pressure to repay the loans,” he said.
He said the loans would be open to “everybody” with special emphasis on the youth and women.
“Of course, special emphasis will be placed on projects to do with agro-processing and production to be able to exploit the international market,” he said.
Lipenga said the administration and provision of the loans would be done without political considerations.
“This tells you that President Mutharika is a man of his word and action,” said Lipenga. “He has always said he does not promise things he cannot do.”
Former President Bakili Muluzi recently asked people to remind Mutharika to deliver on his promises, especially the loan scheme.
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