Mozambique: National Investment Bank Inaugurated

Maputo — Mozambican President Armando Guebuza on 15 April in Maputo inaugurated the National Investment Bank (BNI) which is to finance large scale development projects.

Speaking during the launch ceremony, President Guebuza said that the BNI should contribute to the growth of the agricultural sector, the energy sector and the hydrocarbon industry as these are the areas that will contribute most to the country’s development.

He added, “we hope that the bank will support projects generating employment. This bank should contribute to the provision of credit for small and medium sized enterprises (SME) which, as we know, play an important role in generating jobs”.

President Guebuza pointed out that the inauguration comes at a time when the world faces a global economic crisis which negatively affects the Mozambican economy as the country depends largely on the export of raw materials.

Giving a brief history of Mozambican banking, President Guebuza explained that the country had three banks in 1987. Today the number has soared to eighteen banking institutions, eight micro-credit facilities, and seven credit cooperatives.

In the same period Mozambique has gone from having 228 to 529 bank branches distributed in provincial capitals, municipalities and in 63 districts.

Ads by Google

Copyright © 2013 Agencia de Informacao de Mocambique. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.