£418,000 allocated to businesses to drive development.
Two innovative companies in Malawi will benefit from funding from the Scottish African Lakes Company - established to manage £1 million of investment from the Scottish Government that is match funded by private investors to give a total of £2 million for investments in Malawi and to help leverage additional responsible investment in the country - Minister for International Development, Ben Macpherson announced.
Malawi Mangoes will benefit from £380,000 to diversify and meet the growing global demand for dried mangoes, with produce bought from smallholder orchards. This investment will help to secure additional local employment opportunities in a company that already offers several hundred high quality jobs.
Lake Malawi Aquaculture Project will receive an initial investment of £38,000 to design and pilot commercial fish farming of indigenous species for the local and regional market. This will help reduce poverty by creating high quality jobs in a rural area.
Mr Macpherson visited both companies he said:
“This funding for innovative companies in Malawi will help create and protect jobs, grow the economy and reduce dependence on aid.
“That is why the Scottish Government contributed £1 million and supported the creation of the African Lakes Company to manage investments, guided by the UN Principles for Responsible Investors, bringing together Scottish and Malawian private equity investors to maximise funding.
“Malawi Mangoes and the Lake Malawi Aquaculture Project are great examples of companies that are seizing new opportunities while securing benefits for local people and the local economy and I am pleased that with our support the African Lakes Company has been able to help support their growth and development.”
Managing Director, African Lakes Company Limited, Robert S. Anderson said:
"The African Lakes Company is committed to providing investment capital alongside business expertise, and that mix is a welcome contribution to the development of the country. Our vision is to show that responsible investment in Malawian business will develop sustainable livelihoods and reduce dependence on aid.
“We are on the lookout for innovative businesses where Scottish capital and expertise has the potential to add value."