Mozambique is expected to have a bank specialised in offering home loans and loans for home construction projects as of 2013, Mozambican newspaper Canalmoz reported.
According to Keren Lalkin, chairman of CEO, a Madrid-based financial company, which is in charge of the project, the bank will have initial share capital of US$800 million.
The bank, which has yet to be named or approved, will be funded by foreign investors from Spain, South Africa, and North America and is expected to start operating in Mozambique in the first quarter of 2013.
“We are making efforts for the bank to start operating within the next six months,” said Lalkin adding that the project was intended to meet the challenges Mozambique faces in the housing sector. (macauhub)