World Bank provides aid to private sector in Inhambane and Nampula, Mozambique

3 July 2009

Maputo, Mozambqiue, 3 July – Economic agents in the Mozambican provinces of Inhambane and Nampula will, until 2014, have access to funding of US$25 million to improve the business climate and increase competitiveness, as part of a project funded by the World Bank, according to a report from Mozambican newspaper Notícias.

This financial packages negotiated with the World Bank by the Ministry for Industry and Trade, Inhambane province has access to over US$5 million for tour operators to develop their businesses, although they will have put in a percentage of their own funding.

As well as these activities, the funding also covers the execution of projects for producers of tropical fruits in the province of Nampula to make use of local services and involve business associations.

The paper added that in the case of small and medium-sized companies in Inhambane, which have a fund of US$3 million, access to funding will require the companies to match the World Bank funding.

There is also a fund worth US$1 million for micro companies, which to have access to financing will have to provide 70 percent of total funding.

Figures published this week at the session of the economic council of Inhambane province by a team of technical staff from the Ministries for Tourism and for industry and Trade showed that the project also involves creation of technical capacities at public institutions of the two provinces. (macauhub)