Portugal’s development agency Sociedade para o Financiamento do Desenvolvimento (Sofid) will support the expansion and modernisation of companies in Mozambique through a Financing Memorandum signed Tuesday with Banco Terra Moçambique (BTM), the bank said.

The agreement signed in Maputo by the chairmen of BTM, Almeida Porto and Sofid, Paulo Lopes, covers all key sectors of the Mozambican economy, with particular focus on renewable energy, environment, infrastructure and tourism.

Sofid is a finance company that is 64.3 percent owned by the Portuguese State that supports the internationalisation of Portuguese companies and in Mozambique, where it operates through the InvestimoZ Fund finances public or private investment projects promoted by Portuguese companies or Luso-Mozambican partnerships.

BTM’s shareholders are Rabobank Development, which is part of Rabobank Group of the Netherlands, Montepio Holding, part of Montepio Geral – Associação Mutualista, which was established in 1840, Norfund, a financial entity to support development controlled by the Norwegian State and GAPI, a financial institution for development based on a Mozambican public-private partnership. (macauhub/MZ/PT)