APM urges strong public, private sector collaboration

President Peter Mutharika yesterday called for strong and robust collaboration between the public and private sectors to drive Malawi’s economic growth agenda. Mutharika also hailed FDH Bank Plc, a Malawi Stock Exchange (MSE)-listed subsidiary of FDH Financial Holdings Limited, for being a partner in supporting government priorities and contributing to the country’s socio-economic transformation. In a statement made available to The Nation by State House Press Office, the President is quoted as having said: “Malawi’s development agenda requires the active involvement of private institutions whose innovation and resources complement government efforts in transforming the economy.

On his part, Mpinganjira, who briefed the President on several initiatives that FDH Bank is doing to support the national economy, thanked the Malawi leader for steps being undertaken to develop the country. “We have briefed the President on initiatives we are currently undertaking. FDH Bank is assisting the Malawi Mining Corporation with capacity building and strengthening the institution’s ability to contribute to the growth of the mining industry,” he said.

Mpinganjira also said the bank is financing critical road projects, including the Golomoti-Monkey Bay Turn-Off Road to improve safety when connecting to Mangochi, a tourism destination. “FDH Bank is also constructing student hostels to address accommodation challenges faced by learners in both public and private universities. The bank has also given the Student Loans Board a grant of K1 billion to enable needy students access higher education,” he said.

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Mutharika has since commended FDH Bank for these initiatives, noting that they align closely with government priorities in infrastructure, education and economic diversification. Incorporated on May 16 2007, FDH Bank Plc is a subsidiary of FDH Financial Holdings Limited and listed on MSE on August 3 2020. The bank is owned 74.05 percent by FDH Financial Holdings while the public holds a 20 percent stake.

The Government of Malawi has 4.75 percent and the remaining 1.20 percent is held by MSB Employee Share Ownership Programme Limited. FDH Financial Holdings bought the then wholly-owned Malawi Government bank Malawi Savings Bank after it failed to meet capital adequacy requirements.

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