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NBM Development Bank Limited, a development finance institution owned by National Bank of Malawi (NBM) plc, has secured a £900 000 (about K2.1 billion) three-year grant from the Scottish Government through its investment vehicle African Lakes Company (ALC) Limited. From the grant, the bank will manage ALC’s special fund aimed at supporting women-led enterprises. NBM Development Bank Limited general manager Bernard Masi said in a statement that the first tranche of the grant amounting to £265 000 (about K636 million) will be disbursed this month. He said: “This is a matching grant designed to provide patient capital, including equity to women-owned businesses, thereby scaling up their business activities. “The funding will be availed to businesses operating in various sectors, namely agribusiness, health, education, information and communications technology, mining, energy and tourism.” Masi described the grant and partnership as a strong endorsement of the bank’s impact in supporting entrepreneurs. ALC Limited managing director Bobby Anderson said they expect the new partnership to grow in the years ahead. He said: “Working together will be vital as we will provide debt and equity investment to existing businesses led by women who are seeking access to capital to grow.” “In this way, we hope our joint project will contribute significantly to Malawi’s development goals.” Last week, NBM plc officials led by its chief operating officer Masauko Katsala met the Scottish First Minister John Swinney to brief him on the strides made in supporting small businesses in the country. The bank’s core business is to provide debt and equity capital to small and medium enterprises within the key target sectors.
