African Export-Import Bank to invest US$500 million in Mozambique

On Feb. 11, Maputo hosted a business forum of the African Export-Import Bank (Afreximbank).
Afreximbank is a pan-African financial institution established in 1993 and which currently has 125 members, institutions and countries, including Mozambique. “This organism intends to promote expansion, diversification and trade development at the continental level. The idea is to promote African trade for Africa and outside Africa, especially for Asian countries“, said Gift Simwaka, the bank’s regional director.
The event aimed at disseminating knowledge of the main financial products available to ministries, the financial system, the private sector and the Confederation of Economic Associations (CTA), among other actors.
Those present also discussed the “Promotion of Economic Development and diversification through trade”.
In this context, Afreximbank, which features a new fund of US$3.5 billion, ensured a greater inclusion of Mozambique in this package and announced its intention to boost national exports.
It announced that it will spend US$500 million on financing investment projects in the agriculture, tourism and energy sectors.
Both national public institutions and private companies are eligible for funding.
“If the project requires more than the amount on offer, we will create a union involving several international banks, which together can finance large projects. We have done this in 20 countries with projects worth up to US$2 billion“, Simwaka said.
Since 1993, Mozambique has only received funding for four national companies, totaling US$90 million, while countries such as Zimbabwe have managed through this fund more than US$200 million in just one year.