Mozambique: Portuguese bank launches 100 million-euro credit line for Mozambique

7 July 2008

Maputo, Mozambique, 7 July – Portuguese banking group Caixa Geral de Depósitos has opened up a credit line worth 100 million euros to fund projects by Portuguese companies included in the Mozambican National Development Plan, according to a report in Mozambican newspaper, Notícias.

The projects will be selected by the Mozambican state and later analysed by the Portuguese state. The credit line will be available for two years.

The funding contract involves CGD, Mozambique and Portugal, with the latter acting as guarantor.

The credit line to Mozambique is part of a number of medium- and long-term financial instruments provided by CGD to support Portuguese exports to various markets, such as Angola, Cape Verde, China, Morocco and Tunisia.

The CGD group has been in Mozambique since 1997 via Banco Comercial e de Investimentos, in which it owns a 51 percent stake. (macauhub)