The NICO Holdings Group and Lilongwe University of Agriculture and Natural Resources (LUANAR) have signed an agreement worth approximately 519 million kwacha to provide startup loans to graduates with brilliant business ideas.
This partnership is vital for new graduates looking to start their own businesses.
According to authorities the 300,000 dollars funding will be split between NICO Holding’s sister company NBS Bank providing 10 percent and the Alliance for a Green Revolution in Africa (AGRA) providing 90 percent.
Speaking to MIJ Online Alfred Nhlema, Chief Wholesale Banking Officer at NBS Bank said that the agreement will provide much-needed financial support to help graduates turn their ideas into successful ventures.
Nhlema believes that this initiative will not only benefit the individuals but also contribute to the country’s economic growth and development.
And on his part, Felix Maulidi, Coordinator for the Africa Centre of Excellence in Transformative Agriculture Commercialization and Entrepreneurship at LUANAR said that the agreement will help to address youth unemployment in the country by enabling graduates to create their own jobs.
According to Maulidi this collaborative effort demonstrates the commitment of both the private sector and development organizations to supporting entrepreneurship in the country.
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