The Agricultural Development and Marketing Corporation (Admarc) board chair Alexander Kusamba Dzonzi confirmed that the state buyer has secured $548 million (about K423 billion) funding aimed at revamping its operations.

Casting forth the parastatal’s new vision in Lilongwe, Dzonzi was not able to disclose the source of the funds, saying they were yet to present a report on the same to the Ministry of Agriculture.

Under the new vision, Admarc would have textile, surgical wool and cooking oil processing plants. “We now want to take Admarc to the people. Admarc has for a long time been a dumping place for politicians, who had been selling substandard maize. Unfortunately officials from Admarc were threatened by these politicians,” Dzonzi said.