The European Investment Bank (EIB) will provide €15 million for investment by export-focused agricultural companies in Malawi. The lending initiative will be managed by First Merchant Bank (FMB) which will provide an additional €15 million. This is the first engagement in Malawi for the EIB since 2012. The initiative’s goal is to expand and diversify Malawi’s agricultural exports. Currently tobacco accounts for more than 50% of the country’s exports. Malawi and the EU have been trade partners for 37 years and the EIB provides approximately €300 million annually in development assistance to the country.
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