Chairman of Mozambique’s stock exchange says Moza Capital and Moza Banco will boost economy

18 September 2009

Maputo, Mozambique, 18 Sept – The chairman of the Mozambican stock exchange (BVM), Jussub Nurmamad told Macauhub that Friday’s inauguration of Moza Capital, owned by Moza Banco, will be a significant step for the Mozambican economy as they will drive job creation.

“They will have a beneficial impact as they will fund and are already funding companies and that will create jobs,” Nurmamad said.

“People, because they have work, will pay tax and that means revenues for the state coffers,” he said.

“Moza Capital and Moza Banco will also fund exports and exports pay taxes,” said Nurmamad.

Until the end of the first quarter of this year Moza Banco granted credit to 720 customers ( 474 private and 246 companies).

The industrial sector benefitted most, with 34 percent of the total, followed by the wholesale sector with 33 percent.

Moza Banco was recently the intermediary in funding of US$50 million from China’s Eximbank to Sogir, a company which amongst others, has Gabinete do Vale do Zambeze (GBZ) as a shareholder.

The funding was to purchase agricultural materials and equipment.

Projections from the managers of Moza Banco are to open branches in the city of Nampula by the end of 2009.

The cities of Tete and Nacala, in the provinces of Tete and Nampula, are also due to get a private banking service by the end of the first quarter of 2010.

Moza Banco, a financial institution with capital from Macau, operating in Mozambique since June of last year, expects to post profit of US$2 million in 2009. (macauhub)