Energy Fund Launched in Malawi to Promote the Participation of Women Entrepreneurs in the Energy Sector

  • NBC Bank in Malawi has partnered with Christian Aid to launch the Women’s Energy Fund.
  • The fund will promote the participation of women entrepreneurs in the energy value chain and address barriers of entry that exists into the sector.

Christian Aid has been dealing with NBS Bank for over 3 years on the ‘breaking the barriers’ project which has led to the launch of the Women’s Energy Fund.

Speaking during the launch in Lilongwe last week, NBS Bank Deputy Chief Executive Officer Temwani Simwaka said the bank believes in collaborations and partnerships that create a platform to promote the advancement of social-economic development in Malawi.

“NBS Bank as a local bank, has always been passionate about supporting SMEs and has done so through various partnerships over the years, such as Women World Banking (in partnership with UNCDF), International Fund for Agriculture Development (IFAD) funded Program called Financial Access for Rural Markets, Smallholders and Enterprises (FARMSE), Christian Aid, Total Landcare, USAID funded Feed the Future-Malawi Ag Diversification Activity.”

“NBS Bank also has a history of deliberately supporting women in communities by promoting financial inclusion. In 2009 and 2010, the Bank worked with World Bank and IFC, training over 1500 women in business management and giving them loans to inject capital into their businesses. Additionally, the Bank worked with UNCDF on a program whose aim was to develop a product specifically for women,” said Simwaka.

“NBS Bank is honoured to be part of the Women’s Energy Fund which is a recognition of Malawi’s government efforts in achievement of its Vision 2063 and the Sustainable Development Goals,” said Simwaka.

She added that the bank appreciates and supports the role that the government and development partners play in propelling the advancement of SMEs in Malawi.

Christian Aid Malawi with support from the European Union provided concessional loans of MK161 Million ($157 000) to 38 women led enterprises to support energy led businesses in rice, fish, and horticultural in the Karonga, Chikwawa and Mangochi Districts.

The Women Energy Fund ‘Broken Barriers’ project was jointly conceptualised and implemented with NBS Bank and has been conducted as a pilot since 2020 where group accounts for the women were opened through where the funds were disburse

Author: Nomvuyo Tena

Nomvuyo Tena is a Content Producer at Vuka Group and is as passionate about the energy transition in Africa as she is about music and Beyonce. 

This article was originally published on ESI Africa and is republished with permission with minor editorial changes.

 

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