Local businesses are to benefit from K10.3 billion that has been allocated to boost them, courtesy of the Malawi Agriculture and Industry Investment Corporation (Maiic).

Speaking to The Daily Times newspaper Maiic Chief Executive Officer, Taziona Chaponda, said the funds have come from resources from Maiic capital of K2.8 billion and funding from external partners, amounting to $10 million (about K7.4 billion).

Chaponda outlined that these investments will support creation of more than 500 jobs, increase the income of thousands of smallholder farmers and stimulate import substitution, among others. While the coronavirus pandemic has negatively affected the business environment, the government has been working on making means for businesses to keep going, as well as small and medium enterprises (SMEs).