The Malawi Agricultural and Industrial Investment Corporation (Maiic) says it has funded 40 projects in the agricultural and hospitality sector with dozens others under review.

Updating journalists on the company’s operational progress on Tuesday, Maiic chief executive officer TaziChaponda said Maiic has also grown its net profit in the 2021 financial year to K536.6 million, representing 92 percent growth.

In 2020, the corporation made a net profit of around K279.6 million.

Chaponda: We are supporting projects

Chaponda said this is an indication that the firm has made significant progress.

He said: “Mind you, Maiic was built from scratch. In the first year we made a loss which was understandable as we were just starting.

“Currently we are supporting projects that require millions but, our vision is to assist multi-billion kwacha initiatives. If we have to make meaningful social impact, then that’s the direction we need to take.”

Chaponda was optimistic that the company will manage to secure more partners as it is winning confidence of investors having set up solid governance and risk assessment and management measures.

Maiic summary of financial statements for

 the year ended December 31 2021 show that the company consolidated its lending operations, growing the loan book by 43 percent from K2 billion the previous year to K2.9 billion in 2021.

“The operating environment during the year was characterised by the Covid-19 pandemic whose effects subdued economic activity.

“This affected the company’s lending, especially in the tourism sector. Notwithstanding, the company consolidated its establishment and registered good business growth,” reads the statement jointly signed by Chaponda and board chairperson Donbell Mandala.

Meanwhile, Maiic, which has K11.2 billion in its accounts awaiting capitalisation, grew its assets from K11.5 billion in 2020 to K15.2 billion.

Maiic was launched in 2018 to be the leading enabler of high impact economic development in Malawi.

The aim was to provide affordable financing to SMEs and businesses that lack sound capital to take off or grow.

Maiic current cohort of partners include World Bank and Alliance for a Green Revolution in Africa

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