Africa-Press – Malawi. The Export Development Fund (EDF) has posted a profit-after-tax of K18.9 billion for the year 2024, representing a 95 percent increase from K9.7 billion in 2023.
According to the audited financial statements for the year ended December 31 2024, EDF retained earnings grew by 55 percent, closing at K32.4 billion compared to K20.9 billion the previous year.
Total equity also strengthened, rising by 58 percent to K70.9 billion in 2024 from K45 billion in 2023, further consolidating the Fund’s capital base.
Additionally, as of year-end 2024, the Fund reported current assets of K81.6 billion against current liabilities of K39.5 billion, underscoring its strong financial position.
EDF attributed its strong performance to growth in interest income from loans and strategic investments.
However, the financial report noted that 2024 presented a challenging macroeconomic environment, marked by low GDP growth projected at 1.8 percent, high inflation, and a severe drought that negatively affected agriculture.
EDF Managing Director Fredrick Chanza said the performance reflects the Fund’s deliberate focus on strategic sectors capable of driving export growth and diversifying Malawi’s economy.
“We remain committed to working with businesses and stakeholders to unlock more value in the years ahead,” Chanza said.
In a statement released on Monday, EDF Public Relations and Marketing Specialist Deliby Chimbalu said the fund disbursed K13.5 billion in 2024 — a 109 percent increase from K6.46 billion in 2023 — with a focus on sectors with high export potential.
“Agro processing received the largest share, followed by tourism, mining, agriculture, and manufacturing. The disbursements made in 2024 supported 791 jobs, with 420 specifically created or sustained for women and youth,” Chimbalu said
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