Africa Entrepreneurship Government Impact Investment Social Youth

Mozambique US$460k available to support young entrepreneurs

A sum of 33 million meticais is being made available to support young entrepreneurs from 20 districts spread across the country this year, Oswaldo Petersburg, Secretary of State for Youth and Employment, has announced to a group of young people from Morrumbala district, Zambézia province.

A memorandum of understanding signed in Quelimane on Thursday by the Secretary of State for Youth and Employment and the Commercial and Investment Bank (BCI) in a ceremony witnessed by President Filipe Nyusi, includes the youth of the Morrumbala district in the 2020 fund distribution.

The fund will cover two categories, the first being for those who want to start their own business, and which will provide 50 civil service minimum wages to a total of just over 200,000 meticais.

Also read: Mozambique will be the only southern African country to grow in 2020 – Fitch Solutions

The second category will furnish up to 100 minimum wages, the equivalent of just over 400,000 meticais, and is intended for those who want to expand already-existing business.

Petersburgo said that the State Secretariat for Youth and Employment and the Commercial Investment Bank would work together to make the process transparent, adding that the number of districts covered would probably increase next year.

By Jorge Marcos

Source: O País via Club of Mozambique

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