Portuguese-Mozambican bank, Banco Nacional de Investimentos to start operating in July

15 June 2010

Maputo, Mozambique, 15 June – Portuguese-Mozambican bank, Banco Nacional de Investimentos (BNI) is due to start operating in July and plans to finance large infrastructure projects in Mozambique, under the terms of the articles of association signed in Maputo Monday.

According to information that had already been made public, BNI will begin its activities with the approval of of financing for construction of the Tete/Maputo transmission line and the bridge between Maputo and catembe and the road to Ponta do Ouro, next to the border with South Africa.

The new bank will be headquartered in Maputo and have starting capital of US$500 million, with the Mozambican state and Portuguese state financial group Caixa Geral de Depósitos having equal stakes of 49.5 percent and Banco Comercial de Investimentos with 1 percent.

The governing bodies of BNI will be set up in the next month, after which the specific steps to be followed by the bank will be established, although the Mozambican Finance Minister, Manuel Chang, has already said that the bank is an important instrument for setting up commercial partnerships between Mozambican and Portuguese companies.

Chang gave assurances that the Mozambican government wanted the required steps for financing the projects to be carried out as quickly as possible.

The articles of association were signed by António Fernando Laíce, national treasury director, representing the Mozambican state, Francisco Bandeira, the deputy chairman of Caixa Geral de Depósitos and Ibraimo Ibraimo, executive chairman of Banco Comercial e de Investimentos. (macauhub)