Twenty young people from Chiradzulu district have all the reasons to smile after receiving grants worth MK4.2 Million each thanks to the Business Acceleration for Youth which is funded by USAID Malawi and led by the Alliance of Bioversity International and International Center for Tropical Agriculture (CIAT).
The project’s purpose is to accelerate and invest in youth-led enterprises that result in job creation, greater access to financing, diversified incomes, a more inclusive private sector and improved household resilience in targeted vulnerable districts.
Speaking during the awarding of the grants in Blantyre Oganive Chingakule, Business Incubation and Acceleration Officer for CIAT said until now, they been impressed with the knowledge that incubators have acquired and are willing to implement in various businesses.
She said for instance, the people have been drilled how to plan, budget and roll out life changing projects which is also a positive towards marking returns as expected in the national goals.
‘’We have noted remarkable results from how the youth are able to understand their own ideas. We expect that they will translate into reality. The funds will be channeled to them not at once and upon the levels of how their works are convincing,’’ said Chingakule.
On his part, Reginald Nakhumwa, from Chiradzulu District Council said the grants will most likely transform the lives of young people in the district.
‘’Through this project, the youth in our district have attained self-belief and an understanding of business management techniques inline with not just local but global trends. So, we as a council will make sure that they [the beneficiaries] are really making meaningful projects out there,’’ he said.
One of the beneficiaries Bertha Misokwe, who is involved in banana flour making, said the resources will go a long mile in uplifting her business.
The project has trained 500 participants in nine southern region districts (Balaka, Chikwawa, Machinga, Chiradzulu, Mangochi, Mulanje, Nsanje, Thyolo, Zomba rural and Zomba Urban, with 50 individuals in each district.
Of the 500, 200 will receive grants valued at K4,250,000 each.
The projects follow the recognition that lack of business registration inhibits businesses ability to attract finance to grow, all the participants have received support with business registrations through the project.
