Philip Morris International (PMI) has launched the Malawi Entrepreneur Agricultural Mechanisation initiative to boost the growth and productivity of Malawian farmers. This groundbreaking initiative aims to ensure sustainable tobacco growth, empower local farmers, and foster economic growth in the region.
The Vice President for Global Technical Operations at PMI, Pedro Brago, highlighted the innovative circular loan structure of the initiative, which reinvests principal repayments into acquiring additional machinery for the next beneficiary. This approach supports a continuous growth cycle for local businesses, ultimately enhancing productivity and livelihoods in the region.
Minister of Agriculture, Sam Kawale, emphasized the importance of mechanization in enhancing crop diversification and agricultural productivity. He commended PMI for their support and pledged to reach out to every individual with potential in the sector.
The initiative, funded by PMI and implemented by Pyxus, provides seed capital for purchasing 23 tractors and other farming implements, which will be owned by local entrepreneurs upon loan repayment. President Lazarus Chakwera endorsed the launch at the Bingu International Conference Centre in Lilongwe.
PMI, a leading international tobacco company, is actively working towards a smoke-free future and expanding its portfolio beyond tobacco and nicotine products. The Malawi Entrepreneur Agricultural Mechanisation initiative is set to drive inclusive and sustainable growth in the agricultural sector, benefiting smallholder farmers and the overall economy of Malawi.