InvestimoZ Fund requests additional funds for investment in Mozambique

4 December 2015

Development company Sociedade para o Financiamento do Desenvolvimento (Sofid) has requested a further 20 million euros to capitalise the InvestimoZ fund for investments in Mozambique, director Francisco Almeida Leite said recently in Lisbon.

InvestimoZ has capital of 94 million euros for investments in Mozambique that is being made available in tranches, as the funds are being disbursed for projects.

The Sofid director said that six projects were approved for the first tranche of 10 million euros, four of which are under examination by the Joint Commission, composed of Portuguese and Mozambican entities.

In the pipeline, Almeida Leite said, are another 15 applications, representing a total investment of 203 million euros and InvestimoZ support estimated at 34 million euros, of which almost half – 100 million euros – is related to a cellulose biomass project.

InvestimoZ was established by the governments of Mozambique and Portugal in 2010 following the sale to Mozambique of most of the capital of the Cahora Bassa hydroelectric facility, but was at a standstill for four years and was eventually revised as it did not fit the Mozambican reality, according to Almeida Leite cited by Portuguese news agency Lusa.

Sofid was established in 2007 to finance internationalisation projects of Portuguese companies in emerging and developing countries, and is 59.99-percent owned by the Portuguese state, with the remaining capital split amongst Portuguese commercial banks Novo Banco, BPI and Caixa Geral de Depósitos, with 10% each and the ELO development company, with 0.01 percent. (macauhub/MZ/PT)