Mozambique’s Millennium bim bank to manage European credit line

22 November 2013

Mozambican bank Millennium bim is set to manage a credit line of US$25 million earmarked for small and medium-sized enterprises (SMEs) in Mozambique, for which an agreement was signed Thursday in Maputo, Mozambican daily newspaper Notícias reported.

The credit line is funded by Germany’s Deutsche Investitions und Entwicklungsgesellschaft (DEG) and FMO of the Netherlands, two financial institutions focused on supporting development.

At the ceremony to sign the agreement, the chairman of Millennium bim, Mário Machungo, noted the importance of the credit line “both because of its support to Mozambique’s SMEs and the confidence shown by those European financial institutions in a Mozambican bank.”

Both Joaquim Schumacher, of DEG, and Jaap Reinking, of FMO, gave assurances that supporting Mozambique was at the top of their priority list.

DEG is a subsidiary of KFW, one of the largest development banking groups and FMO is a development bank that supports the private sector and financial institutions in developing countries, by providing both capital and know how. (macauhub)