Portugal pays out first tranche of credit line to Mozambique

5 September 2011

Maputo, Mozambique, 5 Sept – Portuguese state banking group Caixa Geral de Depósitos (CGD) has paid our the first tranche of a 300 million-euro credit line to fund reconstruction projects on the Mozambican road network, said the chairman of Mozambican bank BCI.

Banco Comercial e de Investimentos is the Caixa Geral de Depósitos group bank in Mozambique and is the result of a partnership between the group, via Caixa Internacional SGPS, Portuguese banking group BPI and Mozambican group Insitec, and it provides a universal banking service via a network of over 50 branches.

The credit line, signed during the last visit by Portuguese Prime Minister José Sócrates to Mozambique, in 2009, is for reconstruction of roads in central and northern Mozambique, and some of the work has already been awarded by Mozambique’s Roads –fund to Portuguese companies Mota Engil and Soares da Costa.

The delay in paying out the funds was due to “bureaucratic reasons,” Ibraimo Ibraimo told Portuguese news agency Lusa. (macauhub)