NICO Group has donated K2.5 million to the National Commission for Science and Technology (NCST) for the launch of the operationalization of the Science and Technology Fund as a contribution towards advancement of science, technology, and innovation in Malawi.
The company, which commemorated its 50th anniversary in 2021, believes that technology plays a huge role in a rapidly evolving and demanding world.
NICO Technologies CEO, Clarence Gama, said that this was the beginning of a long-term relationship that would see meaningful advancement in the ICT sector in Malawi.
“We now live in a world that is constantly demanding technological solutions to modern day problems. As a leading ICT service provider in Malawi, we believe that this fund is a milestone in the drive to find the solutions to these problems,” Gama said.
He added that the players in the ICT sector have been resilient in growing the industry and it is encouraging to see that the government is in full support of these players.
“The government has for the first time included Science and Technology in its financial budget by appropriating K291 million to the sector. This gesture alone is very encouraging to players such as NICO Technologies,” He added.
Apart from the monetary support, NICO Asset Managers will provide free advisory services on setting up a successful Endowment Fund including advice on fund Policy, Investment Strategy, Fund Governance and Fund Growth.
NICO Asset Managers Chief Investment Officer, Daniel Dunga reiterated Gama’s sentiments, adding that investing in the sector would contribute to economic growth.
“Science and Technology provide numerous leads to the growth of any nation. Investing in this fund is a step in the direction towards that growth and with the necessary financial information, guidance and drive, this fund will definitely meet all its intended goals,” Dunga said.
NCST Vice Chairperson of Board of Commission for NCST, Dr. Cecelia Maliwichi-Nyirenda, said the commission appreciates NICO’s donation as they would be a key player in the running of the fund.
“This donation is quite timely, and we believe that this is the beginning of a fruitful partnership. Having already operated in Malawi for over 50 years, we are sure that NICO Group, through its subsidiaries, has a clear understanding and suggestions on how we can meaningfully use the fund,” Dr. Maliwichi-Nyirenda said.
The fund has been established under the Science and Technology Act Number 16 of 2003 and will enable the attainment of both the MW 2063 and UN SDGs 2030.