Jumbe CEO of Malawi Development Bank

Economist and former finance Minister Friday Anderson Jumbe  has been appointed as chief executive officer of the government-owned Development Bank of Malawi (DBM) which is expected to start its operations soon to support long term strategic investments for the country.

Jumbe, who contested for the presidency in May 20 elections under the New Labour Party and lost miserably, stepped down as party leader and withdrew from frontline politics .

Ministry of Finance spokesperson, Nations Msowoya, has said Jumbe was given the offer for the.

“He was given the appointment letter some weeks ago,” said Msowoya.

Government wants to establish the Development Bank with loan access at low interest rates in an effort to reduce poverty through sound economic management and governance.

According to the captains  of the business industry,  the bank will be paramount in steering the country’s economic development as it would boost Small and Medium Entrepreneurs (SMEs).