Agha Khan network open micro-credit bank in northern Mozambique

20 July 2009

Maputo, Mozambique, 20 July – The Aga Khan Network for Development said Friday in Maputo that in November it would open the first micro-credit bank in northern Mozambique, the poorest region in the country.

In a speech on the occasion of the 49th anniversary of the 4th Aga Khan’s ascent to the throne as leader of the Ishmaeli community, a branch of Islamism, the ambassador of the Aga Khan network in Mozambique, Nazim Ahmad, said that the bank would be based in Pemba, the capital of Cabo Delgado province.

“This new financial institution will be headquartered in Pemba and plans to develop its geographic presence in northern Mozambique, including the provinces of Cabo Delgado, Niassa, Nampula and Zambezia,” said Nazim Ahmad.

According to Nazim Ahmad, the new institution, which will be called The First MicroBank Mozambqiue, will incorporate the micro-credit activities of the Aga Khan network in Cabo Delgado.

On summing up that activities of the Aga Khan Network for Development in Mozambique since it began working in the country in 1998, Ahmad noted its involvement in agriculture, education, tourism and public works. (macauhub)