Mozambique’s Banco Comercial e de Investimentos (BCI) announced in Maputo that it is offering a credit line of approximately US$8.3 million for micro, small and medium enterprises in the agribusiness sector in Mozambique to make them more competitive.
Casimiro Chicava, head of the BCI, said during a seminar held at the Maputo International Fair (FACIM) that, “the credit line could contribute to investments with very competitive interest rates and attractive deadlines.”
The agricultural sector employs 5.7 million people in Mozambique, representing about 70% of Mozambique’s working population, and is the biggest contributor to the national economy.
In 2017, the contribution of the agricultural sector to Mozambique’s Gross Domestic Product (GDP) was 29%.
Agriculture is the basis of the Mozambican economy, but the sector only makes use of 15% of arable land for agricultural production.
Most of produce is grown by small producers, who have difficulties in access to funding , due, among other factors, to the lack of information on the range of support available in the market. (macauhub)