World Bank to help small and medium-sized companies in Mozambique

24 August 2007

Maputo, Mozambique, 24 Aug – The International Finance Corporation (IFC) and a group of large companies operating in Mozambique Wednesday in Maputo signed a new cooperation agreement to help in the creation of small and medium-sized enterprises (SMEs).

Under the terms of the new agreement, which is the responsibility of the IFC, a body of the World Bank, SMEs will be helped to obtain contracts with large companies operating in Mozambique.

The agreement was signed by the IFC director for Mozambique and Angola, Tunde Unitiri, and representatives of the Mozal aluminum foundry, beermaker Cervejas de Moçambique, Coca-Cola and Sasol, of South Africa.

Speaking at the ceremony, Unitiri said that the program started in Mozambique four years ago and now includes 20 SMEs and added that he hoped the new agreement would involve at least another 100 companies that could benefit from an investment of US$20 million over the next three years.

Mozambique’s SMEs have seen little benefit from large projects in Mozambique as these tend to be supplied by foreign companies, particularly from South Africa.

This program, Unitiri said, would help SMEs from Mozambique to reach the levels of quality required. (macauhub)