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Gapi Finances First Five MSMEs Under Nlhuvuko Project

Gapi Finances First Five MSMEs Under Nlhuvuko Project

This Thursday, 15 February, in the municipality of Matola Rio, Boane district, Gapi and Mozal handed over cheques for the first loans to five entrepreneurs benefiting from Nhluvuko – a project with an initial duration of five years and a budget of 77 million meticals.

These first beneficiaries are three companies in the Micro, Small and Medium Enterprises (MSME) segment and two individual entrepreneurs, who will receive loans ranging from 250,000 to one million meticals, with an interest rate of 1% per month. The loans were preceded by training, capacity building and technical assistance in business management, with the aim of making them more productive and sustainable.

“This initiative is part of Mozal’s social and corporate responsibility programme, supported by the government and implemented by Gapi – Sociedade de Investimento. Launched on 22 September 2023, with an initial duration of five years, Nhluvuko’s main objective is to contribute to increasing income and employment and improving the living conditions of the beneficiaries, with a special focus on promoting the inclusion of women and young people through a combination of training opportunities in business management, financial services and technical assistance,” explained the project’s coordinator, Edwina Ferro.

Edwina Ferro – coordinator of the Nlhuvuko project, Gapi

She also explained that, through the initiative, the beneficiaries have a platform that boosts entrepreneurship, offering knowledge, practical tools and financial resources that promote the acceleration of local development.

“During the first quarter of implementation, the main activities and results of the dissemination actions, which reached around 2,600 people in more than 60 neighbourhoods and communities in the districts of Boane and Matola, resulted in 2,200 registrations by December 2023. Training and business management activities were also carried out, covering 28 beneficiaries selected from 111 registered, representing 22 neighbourhoods, who work in various economic sectors such as Agriculture, Service Provision and Commerce in general,” said Edwina Ferro.

The head of the project added that the beneficiaries were also trained in marketing and financial management, control of accounting records, organisation and formalisation of businesses, management of human resources, the environment and credit, among others. “The beneficiaries had post-training follow-up in their workplaces. And through this training, we can say that they are entrepreneurs who are better prepared to respond to the needs of their clients, as well as for the development of their communities,” he said.

For Mozal’s Chairman of the Board of Directors, Samuel Samo Gudo, “the Nlhuvuko project is yet another social intervention by our company, in partnership with Gapi, with the aim of supporting the development of MSMEs, through technical training and the provision of lines of finance to entrepreneurs in the communities of Matola and Boane, who suffer so much from the lack of favourable lines of credit for their businesses”.

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The source pointed out that the company he represents hopes to benefit more than 200 MSMEs and make a significant contribution to creating opportunities for income generation and new businesses, improving the living conditions of local communities.

“Mozal believes that the development of MSMEs is one of the key pillars in developing the local economy and improving the quality of life of our society,” he said, advising the beneficiaries: “you must not see this initiative as just another project in your lives, but rather the start of a new journey of positive change in the management and development of your businesses.”

For her part, the representative of Gapi’s Board of Directors, Anabela Mucavel, called on the beneficiaries to make good use of the knowledge tools they have acquired and to manage the funds responsibly. “Bear in mind that access to opportunities like this depends on your commitment. In addition, the fulfilment of our credit repayment obligations will depend on the availability of funds so that more young people can access this opportunity,” he said.

“Gapi is a development finance institution whose mission is to contribute to economic, social and financial inclusion in Mozambique, promoting innovation, entrepreneurship and job-creating projects,” recalled Anabela Mucavel, emphasising that “the launch of new projects on the eve of our 34th anniversary is a coincidence that praises the institution’s commitment to promoting greater social justice through financial inclusion with an impact on sustainable economic and social development.”

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