Portugal launches Business Fund for Portuguese Cooperation in Mozambique

21 July 2009

Luanda, Angola, 21 July – The Portuguese secretary of state for foreign affairs and cooperation, João Cravinho, is due to visit Mozambique this week to launch the Business Fund for Portuguese Cooperation.

In Mozambique, as Cravinho explained to Angolan news agency Angop, “the main aim is to o launch the Business Fund for Portuguese Cooperation (Fecop), which will encourage, via subsidised loans, setting up of businesses in nortehrn Mozambique, in the Mozambique Island area.”

Cravinho also said that this Mozambican area had been a priority for Portuguese cooperation.
“The fund has a value of US$8 million, which makes it possible to leverage much more because this amount is for subsidised loans. Therefore, with this amount we can go to the market and get much more, five or six times more,” he said.

In relation to business participation in this fund, the secretary of state noted that from the beginning Mozambican banks had shown interest. “We are going to set this up with the Mozambican bank association and, well, 60 percent of the capital of Mozambique’s banks is of Portuguese origin,” he said.

“As for companies, I still can’t say why we haven’t launched the fund, but I believe that they will take part because they go where the banks go and working with banks is a guarantee that we are working in line with companies’ interests. The banks, better than anybody, know these interests,” he said. (macauhub)