Absa Bank Mozambique has recently committed to support the development of value chains of export products by financing the commercial production and processing industry of macadamia, avocado, lychee, beans and agro-forestry products.
To this end, the Bank plans to invest in the development of credit lines for agro-industries, with a focus on Small and Medium Enterprises (SMEs).
Speaking at the first edition of the Manica Business and Investment Roundtable between Mozambique and the United Kingdom, the director of Agricultural Banking of Absa Bank Mozambique, Marcelino Botão, said that the industrialisation of rural areas depends on a strong investment in production and agro -processing technologies.
“We need to invest in agricultural mechanisation, irrigation systems, conservation and storage infrastructures, such as silos and specialised warehouses and agro-industries. In the same vein, we have listed as priorities the construction of infrastructure and logistics management systems, with the creation of a distribution network and implementation of a cold chain of vegetables and fruits,” said the manager.
He added the need for investments in modernisation, through the massification of the use of internet and electronic banking as well as related means of payment, in addition to establishing partnerships with entities that offer risk sharing solutions, including agricultural insurance.
“This will facilitate the development of agrarian value chains for export and import substitution of products such as soybean, maize, rice, wheat, chicken, beef, fruits and vegetables,” he said.
In her turn, the United Kingdom’s high commissioner for Mozambique, NneNne Iwuji, stressed that the potential of Manica opens space for actions to strengthen the economy and assured that her country will continue to identify more opportunities for investment in the province and in Mozambique, in a long-term perspective.
“If agriculture is the main source of income for our communities, the capacity to transform this production into more valuable products for export is a crucial step. The United Kingdom has the knowledge, the necessary technologies and the will to work with Mozambique to make this sector grow even more,” he said.
