Moza Banco establishes partnership for investment projects in Mozambique

21 October 2010

Maputo, Mozambique, 21 Oct – Moza Banco and the Sociedade para o Financiamento do Desenvolvimento (Sofid) signed on Tuesday in Maputo a partnership protocol aiming to share the risks involved in financing investment projects in Mozambique.

The agreement makes Moza Banco the third commercial bank to join Sofid for the co-financing of projects in Mozambique. Other institutions which have the particularity of having Portuguese capital in their shareholder structure, Millennium Bim and Banco Comercial de Investimentos (BCI), were the first to sigh such agreements with Sofid.

Sofid is a financial credit institution responsible for administering 90 million euros in investment support funds announced by Portuguese Prime Minister Jose Socrates during his visit to Mozambique last March.

The funds are meant to support small and medium sized companies in diverse areas and be applied in the middle and long terms, between three and seven years, as long as they are economically and financially viable.

The share structure comprises Moçambique Capitais, a Mozambican investment company with more than 220 shareholders, with 51 percent, and Geocapital, an investment company pertaining to Macau gaming magnate Stanley Ho, with 49 percent.

The intention by Portugal’s Banco Espirito Santo to buy a 25.1 percent portion of the 49 percent held by Geocapital awaits approval by the Portuguese and Mozambican central banks. (macauhub)