Twenty-three women and youth groups in Zomba City have received financial support to expand businesses and boost economic activity in their communities.

The groups from Zomba City North and Zomba City South constituencies were handed loan cheques by the Malawi Enterprise Development Fund (MEDF) during a ceremony held at Gymkhana Club Ground on Friday.

MEDF Zone Manager Precious Chimthenga said the beneficiaries had successfully met the requirements for accessing loans under the Constituency Development Fund (CDF) Women and Youth Empowerment Fund.

Chimthenga said the loans are expected to enable the groups to invest in viable businesses and generate income, describing the beneficiaries as capable of putting the funds to productive use.

For some beneficiaries, the funding represents an opportunity to move their businesses beyond survival and towards growth.

Gift Banda of Faith in Action Youth Group, which received K2.7 million, described the support as a game changer, saying the group was hopeful it would transform the lives of its members and strengthen their businesses.

The 23 groups are expected to invest the loans in various enterprises, including agribusiness, tailoring, retail and service provision.

The CDF Women and Youth Empowerment Fund is part of government’s efforts to expand access to affordable financing for organised women and youth groups while promoting income generation and reducing poverty at constituency level.

Through MEDF and the reformed CDF, government has been extending similar financial support to women and youth groups across the country.