The International Finance Corporation (IFC), of the World Bank Group, will invest in MM Integrated Steel Mills Mozambique in order to support the development of Mozambican industry,the IFC said in a statement Tuesday.
This investment will allow MM Integrated Steel Mills Mozambique, of Tanzanian group Motisun, to manufacture coloured sheets of high quality galvanised zinc and products used in construction of low cost housing projects.
The MM Integrated Steel Mills Mozambique factory is located in the special economic zone of the port of Nacala, in Nampula province, after the project was approved by the Office for Economic Areas with Accelerated Development (Gazeda) and the Bank of Mozambique.
Subhash Patel, founder and president of the Motisun group, was cited in the statement as saying that Mozambique is a country with a growing economy, which will require more materials for the construction of housing and the Nacala factory will meet market demand market at competitive prices.
The Motisun group has manufacturing facilities in Tanzania, Uganda and Zambia, as well as Mozambique, and markets its products in over ten African countries.
In the statement issued Tuesday the IFC did not disclose the amount of investment. (macauhub/MZ)