US$10m trade fund for Malawi exporters to UK
Investment Finance and Distribution Limited says it has set aside a trade finance fund totalling US$10 million (around K4 billion) for companies interested to export products into the United Kingdom.
The company’s Head of Marketing Jonathan Maguire said the facility allows Malawi exporters to receive settlement of their invoices prior to their buyer receiving the goods.
“I am pleased to advise that a major UK based trade finance fund has an appetite to place US$10 million of export finance with Malawi’s exporting companies.
“The facility allows Malawi exporters to receive settlement of their invoices prior to their buyer receiving the goods. This enhances the working capital of the Malawi business, for example allowing them to purchase more crops in the selling season,” said Maguire.
He said the loans are US dollar denominated and that interest rates are typically around 12 percent per annum with facility fees on top which he termed as far below the domestic lending rates.
“We are working with Eldridge Mbewe, son of Victor Mbewe, former Governor of the Reserve Bank of Malawi to attract businesses who can benefit from the facility. The minimum loan is US$500,000 (around K200 million),” Maguire said.
He further said interested firms must send their emails to [email protected] or call Mbewe on 0995 665 670.
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