19 April 2013

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.

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