Chakwera pledges K1 trillion youth loan initiative, promises bigger support for young entrepreneurs
By: Malawi24
Malawi’s President Lazarus Chakwera has unveiled a sweeping new economic initiative targeting the country’s youth, pledging a K1 trillion (approximately USD 590 million) loan program designed to fuel entrepreneurship and combat youth unemployment
The announcement was made on Saturday evening during a high-profile awards ceremony at the Bingu International Convention Centre (BICC) in Lilongwe, Malawi’s capital. The event celebrated winners of a national music competition titled “Dolo Kwambiri Amavotela Chakwera” — Chichewa for “Great People Vote for Chakwera” — aimed at spotlighting artistic talent among the nation’s youth.
Speaking to a packed auditorium, President Chakwera pledged to extend microloans to 1 million young Malawians, with larger loans of K10 million each earmarked for 10,000 youth entrepreneurs operating at scale.
“In my second term, I commit to scaling up. One million youths will access K1 trillion in loans, and 10,000 of them, those engaged in large-scale business, will receive K10 million each to grow and become millionaires,” he said, positioning the plan as a cornerstone of his 2025 re-election campaign.
The President used the ceremony as a platform to highlight his administration’s broader achievements in youth empowerment and social development since taking office in 2020. He cited the disbursement of over K3 billion through the National Economic Empowerment Fund (NEEF) to 275,000 individuals, along with more than K5 billion via COSOMA, Malawi’s copyright society. He also noted increases in the national minimum wage, tax relief for low-income earners, and bursaries awarded to over 40,000 secondary school students.
“These efforts are not isolated,” Chakwera said. “They are part of a national transformation agenda that puts young people at the centre of our development.”
Beyond youth initiatives, the President pointed to progress in infrastructure and energy access — including raising national electricity coverage from 11% to 25% — and K200 billion invested into the Mtukula Pakhomo program, a flagship social protection scheme targeting vulnerable households.
The awards ceremony, which drew hundreds of attendees and featured performances from five emerging musical artists across different genres, served as a dual celebration of Malawian culture and a strategic platform for Chakwera to launch his re-election message.
“I’ve seen talent today that has long been hidden,” Chakwera said, commending Trade and Industry Minister Vitumbiko Mumba for organizing the music competition, which attracted 220 entries since it launched in December 2024. Each of the five winners walked away with a K5 million prize.