African Development Bank (AfDB) has put aside $3.3 million (about K2.5 billion) for the development of Small and Medium Enterprises (SMEs) in Africa. Malawi will be one of the beneficiaries of the funds.

In a statement, AfDB revealed that other countries to benefit from the initiative include Ghana, Tanzania, Burkina Faso, Mozambique, Ethiopia, Nigeria and Senegal, totaling up to eight nations.

According to AfDB, the funds are aimed at providing for 17 new SMEs in the agriculture sector as part of the bank’s transformative support for food security, income enhancement, job creation and improving the livelihoods of smallholder farmers in Africa.