State guarantees to companies are intended to protect Mozambique

27 April 2016

State guarantees for the companies ProÍndicus and Moçambique Asset Management were intended to protect strategic infrastructure, including the Exclusive Economic Zone, as well as giving the country the ability to provide maintenance services for shipping equipment, government spokesman, Mouzinho Saide said in Maputo.

Saide, the deputy health minister, said that the guarantee granted to ProÍndicus was issued in 2013, amounting to US$622 million, while the one granted to Moçambique Asset Management was issued in 2014, for US$533 million.

Cited by daily newspaper Notícias, the spokesman said ProÍndicus was created in 2012 to act as the national authority responsible for the protection of strategic national infrastructure, including the Exclusive Economic Zone.

Moçambique Asset Management was created to operate shipping facilities, including a shipyard in Pemba and another in Maputo, in order to provide services to vessels of the State, tuna company Ematum and ProÍndicus. Its business involves providing services to commercial vessels and the offshore oil and gas industry.

The deputy minister also mentioned a bilateral loan taken out by the Ministry of the Interior for US$225 million for the 2009/2014 period.

The International Monetary Fund (IMF) recently reported that Mozambique’s public debt had increased from 39.9 percent of GDP in 2012 to 50.9 percent the following year, increasing to 56.6 percent in 2014 and 73.6 percent in 2015, falling slightly to 69.5 percent this year. (macauhub/MZ)