Mozambique: BCI Bank launches €117m line of credit to support SMEs
BCI Bank is to offer a new MZN5 billion (€117 million) line of credit to small and medium-sized enterprises (SMEs) in Mozambique.BCI Bank is to offer a new MZN5 billion (€117 million) line of credit to small and medium-sized enterprises (SMEs) in Mozambique.
The bank's Chairman, Paulo Sousa said in a press release from the Confederation of Business Associations that the 'SME Business Line BCI 2014' will allow Mozambican SMEs to have access to special conditions and "truly distinctive" financing, and will also promote a sustainable economic and social development in Mozambique. The line of credit will focus on women entrepreneurs and agricultural companies.
This announcement comes a few weeks after the European Investment Bank (EIB) signed an agreement with the Mozambican bank, Moza Banco to support the investments of SMEs.
The EIB allocated €5 million to this initiative, matched by Moza Banco, as part of a broader €40 million programme to foster private sector investment in Mozambique in partnership with several banks.
Prakash Ratilal, the Chairperson of Moza Banco, said
this line of financing will play a fundamental role in the sustainable and inclusive socio-economic development of the national business class, given that SMEs account for about 78 per cent of all Mozambican companies and employ two thirds of the formal labour force.