By Yamikani Sabola
Mzuzu, May 14, Mana: President Dr Lazarus Chakwera has revealed plans to turn National Economic Empowerment Fund (NEEF) into a government owned bank next year.
Chakwera made the revelation in Mzuzu on Wednesday during commemoration of Kamuzu Day.
Kamuzu Day is held in honor of the legacy of the father and founder of the Malawi nation, Dr Hastings Kamuzu Banda.
He said the bank will be giving soft loans to the country’s youth at lower interest rates so that they start businesses and contribute to the growth of the national economy.
Chakwera criticized the Democratic Progressive Party (DPP) regime for selling government owned Malawi Savings Bank (MSB).
“Kamuzu laid a solid foundation for the country’s banking sector by establishing MSB which was fully owned by the government. However, a certain administration came and sold the bank,” Chakwera said.
He said his administration is working hard to restore the foundations which Kamuzu Banda laid in various sectors of the economy.
He said, among other sectors, his administration is revamping the agriculture sector through promotion of irrigation.
“My administration is establishing irrigation schemes across the country to ensure vibrant irrigation farming which has the potential to help the country achieve food security,” he said.
In his homily, bishop for Mzuzu Diocese of the Roman Catholic Church, Rt Rev Yohane Suzgo Nyirenda, also hailed Kamuzu Banda as a development-oriented leader.
“He was a leader who did not believe in temporary solutions but permanent. That is why infrastructure built during Kamuzu Banda’s reign, including roads and school blocks, still stand the test of time,” he said.
He said ahead of September 16 elections, political leaders should ask themselves whether they are aspiring for positions to serve their selfish interests or they want to truly serve the interests of Malawians.
In his remarks, Minister of Local Government, Unity and Culture, Richard Chimwendo Banda, commended the President for directing that government should be funding Kamuzu Day celebrations and that the celebrations should be rotating among the southern, central and northern regions.
Representative for the Kamuzu Banda family, Ken Kandodo, said Chakwera is continuing with the legacy of the country’s founding father.
He noted Chakwera administration’s efforts in constructing durable roads and revamping railway lines, which were neglected by previous government administrations.
