Mozambique to have access to loans to increase agricultural production

31 August 2010

Maputo, Mozambique, 31 Aug – Mozambique is one of four African countries that is eligible for a loan of up to US$100 million provided by South Africa´s Standard Bank to boost agricultural production and promote economic growth, Mozambican newspaper Notícias reported.

Citing the Reuters news agency, the paper said that the project would initially benefit farmers from Mozambique, Uganda, Ghana and Tanzania over the next three years to boost production of crops for export.

In order to channel the loan to its beneficiaries the Standard Bank has signed agreements with banks in the selected countries, as part of a scheme that is expected to cover some 750,000 farmers.

Amongst the priorities set by the bank is cashew nut production in Mozambique, cocoa in Ghana, without this leading to marginalising other crops in Africa in general and in the countries chosen for the pilot stage, in particular. (macauhub)