MicroLoan Foundation has been awarded a grant of £473,298 over three years from the Department for International Development’s (DFID) ‘Global Poverty Action Fund’.
The grant will be used to fund our expansion in the Southern Region of Malawi, and will help 6,300 impoverished women develop sustainable livelihoods. The grant will be used to deliver our key services: loans, training and mentoring, vocational education and access to markets to ensure businesses are profitable. These businesses will facilitate the alleviation of poverty amongst the women and their households.
Peter Ryan, CEO and Founder of MicroLoan Foundation explains “this grant from DFID will make a huge impact on our ability to address poverty and inequality in the South of Malawi, where 51% of the population lives in poverty – of which 45% are categorised as ‘ultra-poor’. In our 10th anniversary year we are particularly pleased to have been recognised by DFID as a deserving recipient of funds that will significantly increase our much-needed outreach.”
International Development Minister Lynne Featherstone said: “No country can develop if its women cannot reach their full potential. That is why I am pleased that DFID is supporting MicroLoan’s work in Malawi to help women develop businesses, contributing not only to their economic empowerment, but also to that of their children and dependents who will benefit from increased spending on education, food and healthcare. This will provide a better future for them and their families and help end aid dependence.”