The Council of Ministers approved this Tuesday (15), during its 12th ordinary session, chaired by the Mozambican President, the creation of the Economic Recovery Fund, a public initiative aimed at financing small and medium-sized enterprises and boosting strategic productive sectors of the national economy.
The new fund will have an initial allocation of 5 million dollars (319.5 million meticais) and will be operated through a specific bank account, integrated into the Public Treasury. Funding will be provided with the support of cooperation partners, especially the World Bank.
According to the spokesman for the Council of Ministers, Salim Valá, the fund aims to grant subsidized credit to micro, small and medium-sized companies that have been directly affected by the economic difficulties of the last year, provided they present viable business plans and remain in business.
This mechanism will make it possible to speed up the resumption of these companies’ operations, promoting job creation and an increase in national income, said Valá.
The measure is part of a broader government strategy to revitalize the Mozambican economy, with a focus on stimulating local production, innovation and the financial sustainability of small and medium-sized companies.
Source: O País
