Portugal: Government sets up fund for business initiatives in Mozambique

30 April 2009

Lisbon, Portugal, 30 April – The Portuguese government plans to create a fund to allow access to subsidised loans by business initiatives in Mozambique linked to Portuguese cooperation, the Portuguese secretary of state for Foreign Affairs and Cooperation.

“It is an IPAD (Portuguese Institute for Support of Development) fund – which has a basis of US$9 million and will make it possible to leverage US$80 to US$90 million in investment,” in the country, particularly in the area of Mozambique Island, João Gomes Cravinho told Portuguese news agency Lusa.

Cravinho, who was speaking on the sidelines of the seminar on “Sustainable Economic Development of Natural Resources: Public-Private Partnerships,” an event that was part of the “Development Days” initiative, said that the IPAD fund would be launched in the second half of June.

During the seminar, the secretary of state called for the future of Portuguese cooperation to “focus on the problem of the internationalisation of businesses,” in areas such as renewable energies, whilst respecting standards of public aid to development. (macauhub)