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Access Bank: “Promoting Local Content Fosters Sustainable Economic Growth in Communities”

Access Bank: “Promoting Local Content Fosters Sustainable Economic Growth in Communities”

Access Bank Mozambique stressed that the valorisation of Local Content makes it possible to develop and strengthen initiatives that promote sustainable economic growth and prosperity for Mozambican companies and communities, by generating more jobs for young people.

With this in mind, on Tuesday 21 May in Maputo the bank signed a memorandum of understanding with the Local Content Association of Mozambique (ACLM) to encourage collaboration in the extractive industry, especially in the area of oil and gas, as well as to support new ventures and Small and Medium-sized Enterprises (SMEs).

Speaking at the formalisation event, the managing director of Access Bank, Marco Abalroado, explained that on the basis of the document, his entity undertakes to develop and implement financial instruments to support loans with reduced risk for Mozambican economic agents.

‘The bank will provide support for financial literacy programmes, through training initiatives to improve the financial management skills of companies and local communities,’ he said.

Signing of the memorandum of understanding between ACLM and Access Bank

He added that through the Pemba branch, located in the northern province of Cabo Delgado, direct support will be provided to companies and the local community, with a focus on developing Local Content.

‘We are committed to the economic growth of communities and believe in the potential of local entrepreneurship. We are thrilled to join forces with ACLM and believe that this collaboration demonstrates our shared commitment to the community and to a fairer and more prosperous future for all,’ he added.

For his part, ACLM president Elthon Chemane pledged to support Access Bank in aligning the bank’s Local Content initiatives, ensuring that they meet industry standards and regulatory requirements.

‘The association will also provide relevant Local Content data and information on eligible beneficiaries for various initiatives, assisting in the design and implementation of programmes, in addition to other provisions governing the agreement,’ he said.

Chemane emphasised that ‘the agreement signed will result in sustainable economic development, as well as reducing information asymmetries and ensuring that banks are more flexible in releasing financing to SMEs’.

‘Through this partnership, we aim to create a more favourable environment for SMEs, giving them the tools they need to grow and prosper. We are confident that the actions to be implemented will bring significant benefits and contribute to a more inclusive business environment in Mozambique,’ he concluded.

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