President Professor Peter Mutharika on Wednesday launched K8 billion Women and Youth loans programme, under Malawi enterprise Development Fund(MEDF).

Mutharika reiterated the importance of empowering the youth to participate in economic development.

He said the loan facility is for every woman and youth in the country that have business ideas and require capital.

He said that government has put up the fund after realizing that lack of capital is frustrating youths and women that have potential to run successful businesses.

“Every year youths are graduating from colleges with different vocational skills, but they lack capital. This fund will provide the much needed capital,” said Mutharika.

The President appealed to the youth and women who access the loans to timely pay back the loans for the sustainability of the fund.

Minister of Finance and Economic Planning Development Joseph Mwanamvekha, said the money for the fund would be provided in the National budget to the tune of K8 billion.

Mwanamvekha commended the President for making the funds available.