By Twink Jones Gadama
In a bid to empower Technical, Entrepreneurial and Vocational Education and Training (TEVET) graduates in Malawi, FDH Bank Plc has signed a memorandum of understanding with TEVETA Authority to provide start-up loans to skilled youth.
The Deputy Managing Director of FDH Bank Plc, George Chitera, announced that the loans will not require collateral and will have a considerate interest rate to promote entrepreneurship among TEVET graduates. This initiative aims to support the graduates in starting their own businesses and ultimately contribute to reducing the unemployment rate in the country.
Chitera emphasized the importance of loan repayment to ensure the sustainability of the scheme, allowing more TEVET graduates to benefit from the support. He encouraged the beneficiaries to utilize the loans effectively and grow their businesses to create job opportunities for others in the community.
TEVETA Executive Director, Elwin Chiwembu Sichilola, highlighted the significance of this loan scheme, which will replace the provision of start-up kits that TEVETA used to offer to graduates in the past. With the increasing enrollment in TEVET programs, the Authority discontinued providing start-up kits, making this partnership with FDH Bank a crucial step in supporting the graduates in establishing their businesses.
Richard Chirwa, the Director of Technical and Vocational Training in the Ministry of Labour, expressed the ministry’s support for this initiative as a way to address the unemployment challenges in the country. By providing financial support to TEVET graduates, the government aims to promote entrepreneurship and self-reliance among the skilled youth population.
The partnership between FDH Bank and TEVETA is a significant step towards empowering TEVET graduates to become successful entrepreneurs and contribute to the economic growth of Malawi. By providing access to start-up loans without requiring collateral, the scheme offers a valuable opportunity for skilled youth to turn their vocational training into sustainable businesses.
As more TEVET graduates benefit from the support provided by FDH Bank, the hope is that they will not only succeed in their entrepreneurial endeavors but also create employment opportunities for others in their communities. This collaborative effort between the bank and TEVETA demonstrates a commitment to investing in the potential of skilled youth and driving economic development in Malawi.
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