Five of a total of 18 Mozambican small and medium-sized enterprises operating in the agricultural and industrial sectors meet the requirements to obtain funding from a United Arab Emirates development support fund, Ibraimo Khabir, vice president of the Confederation of Economic Associations (CTA) said in Maputo.
Khabir said that of the 18 projects submitted and analysed, five met the eligibility criteria, including audited and certified accounts of the last three financial years and an up-to-date economic and financial investment plan.
The vice-president of the CTA was speaking at the end of the First Cycle of Financing for Small and Medium-sized Enterprises, an initiative that proposes to grant US$20 million for each economically viable project that meets eligibility criteria.
Khabir said that the CTA and the United Arab Emirates fund had launched the second financing cycle, which will run until 30 May.
The CTA has established partnerships with Intellica, a company that will provide technical assistance in setting up the projects and Pricewaterhouse Cooper to certify SME accounts, which are the biggest challenges faced by Mozambican companies.