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World Bank Announces $17M Loan to Boost National SMEs

World Bank Announces $17M Loan to Boost National SMEs

The World Bank, in partnership with the government, has announced the availability of around one billion meticals (17 million dollars) to finance the relaunch of small, medium and large companies located in the provinces of Inhambane, Gaza, Sofala and Manica.

According to information published by the newspaper Noticias on Tuesday 26 November, the funding is intended to support the recovery of 100 companies affected by cyclones and storms, covering the tourism, agribusiness and construction sectors.

The project, which lasts for five years, plans to provide amounts ranging from 31.6 to 44.2 million meticals (around 500,000 to 700,000 dollars) for large companies, and up to around 15.8 million meticals (250,000 dollars) for small and medium-sized companies. To be eligible, they must be duly registered and licensed, have organised accounts and a regular tax situation and present a consistent business plan.

The coordinator of the Mais Oportunidades project, Apogeu Siniquinha, from the Ministry of Economy and Finance, called on interested companies to prepare themselves properly before submitting applications.

‘This is a process that follows strict principles of transparency. There are no pre-selected companies, and our actions are audited by both the government and the World Bank. It’s crucial that those interested realise that participation is open and fair,’ he said.

The project will be launched later this week and, as emphasised, reinforces the World Bank’s commitment to supporting economic recovery initiatives in Mozambique.

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