Ex-Malawi Finance Minister Appointed CEO Of New Development Bank

January 5, 2015 Editor Careers & Education, Leadership

VENTURES AFRICA – Former Malawi Finance Minister, Friday Jumbe, has been appointed CEO of the newly established state owned bank, Development Bank of Malawi (DBM).
The development bank was established to offer loans to Small and Medium Enterprises (SMEs) at affordable interest rates.
Malawi Ministry of Finance Spokesperson, Nations Msowoya, said “He (Jumbe) has received a letter of appointment”.
Jumbe’s pedigree 
Jumbe is an economist with vast management and finance experience having previously served as CEO of Admarc and Admarc Investment Holdings. He also served as Minister of Finance and Economic Planning in the government of Bakili Muluzi in 2001. J
umbe attempted to deepen his political foray in 2014 when he contested in Malawi’s presidential election under the New Labour Party but
eventually dissolved the party to support the ruling Democratic Progressive Party (DPP).
A collaboration to develop
The establishment of DBM was made possible via a collaboration between the Central Bank, World Bank, Malawi Ministry of Finance and the Development Bank of Southern Africa (DBSA). The DBSA provided technical support to ensure a smooth establishment process, while the World Bank under the Financial Sector Technical Assistance Project provided $130,000 for the feasibility study.
Initial estimates showed that the bank required a capital injection of $25 million but could commence operations with $6.75 million.

By George Mpofu