Malawian state-owned produce trade ADMARC seeking US$300m for recapitalisation

MALAWI – Malawian state-owned produce trader, Agricultural Development and Marketing Corporation (ADMARC) is seeking US$ 300 million (about K222 billion) to be sourced through Parliament for recapitalisation to ensure seamless and profitable operations. The move was revealed by ADMARC’s acting Chief Executive Officer Felix Jumbe, during the parastatal’s meeting with four parliamentary committees: Agriculture and Food Security, Budget and Finance, Industry and Trade and Public Accounts, reports The Nation Malawi. The financing is in addition to the K100 billion (US$135.2m) loan Admarc wants to borrow from Export Development Fund (EDF), a development…

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