The Mozambican Minister of Economy and Finance, Max Tonela, said that it was essential to move forward with the creation of the Credit Guarantee Fund, stressing that it would allow the national bank to make financial resources available to companies.
“With this mechanism, the government hopes to strengthen investment capacity and provide more affordable interest rates for Micro, Small and Medium-sized Enterprises (MSMEs) operating in the agriculture, fish farming, marketing, tourism and housing sectors,” he said in a statement published on the Ministry of Economy and Finance website.
Speaking at a workshop on the Mutual Guarantee Fund, Max Tonela said that it was important to gather information on the viability and operation of the Fund and its components, as well as to study the best way of implementing it.
“The first phase of implementation involves creating a business plan in which it is essential to include all the aspects that will enable access to credit and the best interest rates,” he explained.
The meeting also shared the Fund’s feasibility study and three similar cases implemented in Cape Verde, Brazil and Portugal.
Budgeted at 300 million dollars, the Loan Guarantee Fund is part of the 9th measure in the Package of Economic Acceleration Measures (PAE) announced in August 2022 by the President of the Republic, Filipe Nyusi, designed to strengthen the liquidity of the banking system and facilitate access to finance for the private sector, especially for small and medium-sized enterprises (SMEs).
