Mozambican bank to receive funding from World Bank

2 June 2006

Maputo, Mozambique, 02 June – Mozambican bank, Banco de Desenvolvimento e Comércio (BDC) was chosen to benefit from the program for financing imports and exports of the International Finance Corporation (IFC), a World Bank organization.

BDC, a Portuguese- and Mozambican-owned financial institution, will initially receive around 1.5 million euros, of a total of more than 390 million euros provided by the finance program for the world’s emerging markets.

The chairman of BDC, Hermenegildo Gamito, and the IFC representative, Tunde Onitiri, signed Wednesday in Maputo an agreement for the concession of that amount, making BDC the first Mozambican institution to benefit from the program.

The IFC’s strategy for Mozambique is focused on providing financial support to small and medium-sized businesses, and technical assistance and financing for large projects.

At the end of April the World Bank’s organization had a portfolio of investments totaling 95 million euros.

The IFC has provided approximately 165 million euros to some 20 companies since 1984, when Mozambique became a part of the IFC. (macauhub)