Mozambique: Germany Supports Expansion of Financial Services

Maputo — The German government has granted Mozambique 28.5 million euros (about 36.8 million US dollars) to support small and medium companies and to finance the expansion of financial services.

The agreement was signed in Maputo on 2 October by Finance Minister Manuel Chang and the head of German Cooperation in Maputo, Ralf Orlik.

The money will come from the German Development Bank (KFW).

Of this grant, the Mozambican government intends to use 18 million euros in a line of credit for micro, small and medium enterprises. Four million euros will go towards promoting banking services, 4.5 million towards creating savings guarantees, 1.5 million to supporting the Mozambican investment company GAPI, and 500,000 euros to educating the public in financial matters.

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