Absa Bank Mozambique, in partnership with the Fund for Support Economic Rehabilitation (FARE), the Post Cyclone Idai Reconstruction Office (GREPOC) and the World Bank, launched a few days ago, in the city of Beira, a credit line aimed at the private sector recovery in the provinces affected by cyclones Idai and Kenneth.
According to Pedro Carvalho, Director of Retail Banking and Business, the launch of the credit line for Small and Medium Enterprises (SMEs) comes under the Emergency Recovery and Resilience Project post-cyclones Idai and Kenneth and aims primarily at promoting the development and boosting the companies affected by the cyclones as well as contributing to the sustained growth of the national economy.
“We believe that initiatives like this contribute significantly to boost the growth of SMEs and Absa Bank Mozambique maintains the objective of providing support to economic agents through different initiatives and the launch of this credit line meets this objective”, said Carvalho.
For Augusto Isabel, director of FARE, “the project to support SMEs will benefit various groups in the provinces affected by the cyclones and also constitute another step towards the development of communities, since they will have access to formal financial services, both physical and digital”.
Meanwhile, Luís Mandlate, executive director of the Post-Cyclone Recovery Office, encouraged entrepreneurs to apply for the funds made available “so that they can quickly contribute again to the development of the country through the generation of jobs, tax contribution, increase of exports, focusing on the increase of the national GDP.
