12 °c
London
Tuesday, February 7, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Banking

Mozambique credit line available for companies keeping jobs

Club of Mozambique by Club of Mozambique
July 29, 2020
in Banking, DFI, Economy, Finance, Government, SME
Reading Time: 2 mins read
837 8
0
Mozambique BNI Bank supporting Niassa Agri SME
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Mozambican micro, small and medium companies can only access the lines of credit made available by the government through the National Investment Bank (BNI) to combat the effects of the Covid-19 pandemic, if they commit to maintaining existing jobs, and creating new ones.

The Chairperson of the BNI Executive Council, Tomas Matola, interviewed by AIM, said this is a crucial condition intended to stop the economy from haemorrhaging jobs. The credit available via the BNI, which is 100 per cent owned by the Mozambican state, amounts to MZN 1.6B (about US$22.8M).

“The Covid-19 line of credit has two goals”, said Matola. “One is short term and one is medium term. The short term goal is to maintain jobs, and recover losses, while the medium term goal is to increase productivity and generate new jobs”.

Matola believed that the BNI’s lines of credit are those most appropriate for Mozambican companies reeling from the effects of the current health crisis. He pointed out that the interest rates charged by the BNI are the lowest on the Mozambican market. The loans are intended to revive the micro, small and medium enterprises and improve their operations.

Also read: Mozambique’s COVID19 SME credit lines: BNI press conference

“These lines of credit”, he added, “fit into the search for financial solutions that are adjusted to the risk profile and return of companies, and to the moment the companies are living through”.

Of the total amount available, a billion meticais has been disbursed by the government and 600 million meticais comes from the BNI’s own funds. “The BNI negotiated financing with its partners, such as the National Social Security Institute (INSS) through the issuing of corporate bonds”, said Matola.

“The interest rates vary between seven and 12 per cent, depending on the risk of the projects”, he added.

Matola admitted that the total available via the BNI is very small when compared with the needs of the businesses suffering the impact of Covid-19. But it was a recognition by the government of the difficulties businesses are facing, and of the need to find solutions to cushion the impact of Covid-19 on companies.

“This effort by the government should be praised”, he declared.

Source: AIM via Club of Mozambique

Related

Tags: Banco Nacional de Investimentobank loansBankingBNICredit Linefinancial solutionsMozambiqueMozambique credit line available for companies keeping jobsмозамбикموزمبيقモザンビーク莫桑比克
ScanSendShare338Tweet211Share59Pin76Send
Club of Mozambique

Club of Mozambique

'Club of Mozambique is an online gateway to Mozambique, offering up-to-date information and news relating to business, politics and other economic activities in Mozambique.

Related Posts

Finance

2nd African Infrastructure Financing Summit brings US$160B worth of projects

by Fabio Scala
February 7, 2023
Grey List – 1st activity on Beneficial Ownership Registers in Mozambique
Justice

Grey List – 1st activity on Beneficial Ownership Registers in Mozambique

by Elizabeth Khumalo
February 7, 2023
IFC investments in Portuguese-speaking Africa doubles in decade
Banking

Nigeria’s Union Bank gets US$30M from IFC to lend SMEs

by The Exchange
February 7, 2023
Ghana holds key interest rate in the face of inflation pressures
Economy

List of companies ordered by Ghana to pay back-taxes grows

by FurtherAfrica
February 6, 2023
Government

Angola approves creation of trade negotiation commission

by FurtherAfrica
February 6, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Women

Supporting women leaders and aspirants to unleash their potential

by Elizabeth Khumalo
February 7, 2023
0

UN Women Ethiopia in collaboration with Amhara BoWCSA linked 218 women leaders including aspirants to support each other in two...

Read more

Strengthening antimicrobial resistance surveillance through One Health approach in Zimbabwe

February 7, 2023

Experts converge to find solutions for climate change challenges

February 7, 2023

Ethiopia inaugurates US$68M Dire Dawa Dry Port and Terminal

February 7, 2023

2nd African Infrastructure Financing Summit brings US$160B worth of projects

February 7, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,736 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?