Malawi Innovation Challenge Fund (MICF), a grant facility for businesses to finance innovative projects, Wednesday opened two funding windows worth $3.9 million offering bailout packages to firms in the wake of Covid-19.
The windows are Resilience and Economic Recovery worth $2.7 million and Financial Outreach valued at $1.2 million.
The first window is targeting businesses with potential to leverage producers to scale and grow products likely to experience supply shortages but with potential for future exports, among other things.
The Financial Outreach window targets financial institutions, digital financial operators and non-bank financial institutions. It is aimed at strengthening and cash flow and operational financing needs of growth oriented Small and Medium Enterprises.
For both windows, the amount contribution by MICF shall range from $200,000 to $500,000 while the grantee would contribute at least 30 percent of the total project value.
MICF Fund Manager, Navin Kumar, told journalists that the two windows will help private sector players strengthen their resilience against possible effects of Covid-19.
