CDH Investment Bank has challenged Malawians to stop blaming government for the economic woes that Malawi is passing through and start developing innovative business concepts which the bank is ready to finance.
The bank’s Chief Executive Officer, Misheck Esau, said in an exclusive interview on Thursday that there is shortage of large scale business concepts in the country which can convince foreign financiers to invest in Malawian entrepreneurs.
“A number of foreign financing institutions are ready but are looking for large scale projects not those worth US$3 million. They are looking for more than that but the local investors are not coming up with such investment proposals that can help the economy grow,” he said.
Esau also disclosed that following meetings held during the Malawi Investment Forum (MIF) last year, some foreign investors are ready to bankroll joint ventures with Malawian entrepreneurs.
He gave an example of an investor from Mauritius investor who is looking to fund an investment project in the country of up to US$10 million (about K7 billion) in any sector.
“We are looking for such projects and Malawians need to come up with viable proposals that can take advantage of such financing opportunities,” said Esau.
According to Esau, the bank has so far managed to facilitate foreign financing of about US$10 million.
“There is more interest in agriculture and agro processing,” he said.
Instability in key macroeconomic indicators including high interest rates has slowed investment activities in Malawi where the cost of borrowing hovers at between 30 and 40 percent.
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