Mozambique’s Banco de Terra carries out capital increase

18 March 2011

Maputo, Mozambique, 18 March – The four shareholders of Mozambique’s Banco Terra recently improved a capital increase for the bank of 665 million meticals, according to Mozambican daily newspaper, Notícias.

Specialising in the agricultural sector, which is considered to be the main driver of Mozambique’s economy, the shareholders of Banco Terra, which began operating in 2008, are Rabobank from the Netherlands, the KfW Entwicklungsbank, and institution of the German federal Ministry for Cooperation and Economic Development, Norfund or the Norwegian investment Fund for Developing Countries and Gapi-Si, a financial institution that has been working since 1990 on the economic and social development of Mozambique.

Until the end of 2010, Banco Terra outperformed its board’s expectations by achieving over 16,000 customers, almost 700 million meticals in deposits and almost 1 billion meticals in loans, 37 percent of which to the agricultural sector. (macauhub)