Portugal provides US$11 million to SMEs in Mozambique

7 December 2015

Small and medium sized companies in Mozambique have at their disposal a fund of US$11 million, recalled Friday in Maputo the Director General of the Institute for Small and Medium Enterprises Promotion (IPEME), Claire Zimba.

The fund is the result of an amendment to a protocol signed in 2014 by the government of Mozambique through the Ministry of Industry and Trade, and the government of Portugal, which is operated by the Corporate Fund for Portuguese Cooperation (Fecop).

Zimba recalled that the fund had been available since January 2015, but said the number of funding requests had been tiny, “given the limited advertising that banks involved in awarding funds have made,” according to Mozambican news agency AIM.

The banks involved in this fund are Millennium bim, Moza, Banco Comercial de Investimentos (BCI) and Banco Único, and the interest rate is around 11 percent, after applying the subsidisation.

The Director-General of IPEME announced that the Ministry of Industry and Trade was reviewing the country’s industrial policy strategy, which will focus on support for SMEs, under a process called “Industrialisation of SMEs.”

Zimba acknowledged that exports, in addition to being based on traditional products, do not involve SMEs in Mozambique, and the support would allow those companies to start exporting some of their products. (macauhub/MZ)