Mozambican minister recalls existence of credit line for SMEs

15 September 2015

Micro, small and medium-sized companies in Mozambique have a credit line worth US$13 million opened by Portugal at their disposal, the Mozambican Minister of Trade and Industry recalled recently in Pemba, capital of Cabo Delgado province.

The minister, who met with businessmen in that northern Mozambican city, recalled the existence of this credit line at subsidised rates of interest open to the industry, trade, services and tourism sectors, which is available at banks Millennium bim, Banco Comercial e de Investimentos (BCI), Moza Banco and Banco Único.

The credit line of the Business Fund for Portuguese Cooperation (FECOP) was announced in October 2014, during the visit to Mozambique of Portuguese Prime Minister Pedro Passos Coelho and is designed to allow access to subsidised loans by business initiatives in Mozambique linked to Portuguese cooperation.

A statement published Monday in Maputo by the Ministry of Industry and Trade (MIC) said FECOP guarantees a subsidised rate of interest on loans of up to 700,000 meticais for micro companies, which increases up to 15 million meticais for small and medium enterprises.

To access this line, the micro entrepreneurs have to present their accounts for the last year, whilst owners of small and medium-sized businesses have to provide 20 percent of the total amount of credit, provide real and/or personal guarantees and accounts for the past three years. (macauhub/MZ/PT)