The Zambezi Valley Development Agency and the Banco Nacional de Investimento (BNI) are launching a financing and technical support programme for producers in the central region of Mozambique to promote the production and sale of agricultural products, Mozambican daily newspaper Notícias reported.

During a recent meeting in Nampula to present this funding program, it was announced that more than 420 million meticals (about US$6.6 million) would be available to support farmers as well as students who have completed their agronomy degree.

“Our intervention arises because we understand that one of the biggest difficulties that graduate students and finalists face is the lack of funding to develop their projects to generate income and job creation for other young people,” said the BNI representative, Gabriel Nhampossa.

Alves Vicente, director of the Zambezi Valley Development Agency, said that the initiative will boost agricultural production and sales in the region and invited producers and young people who want to become entrepreneurs to present sustainable projects.

Initially formed as a partnership between Mozambique and Portugal, through the National Treasury Department and the Caixa Geral de Depósitos financial state group, respectively, Portuguese participation was acquired in 2012 by the Institute of State Participation Management (Igepe), with BNI becoming the first and only Mozambican investment bank. (macauhub)