Mozambican state bank announces EUR 5.8 million credit line for agribusiness in Tete
The Sustenta Rural Development project in Mozambique is expected to be extended to the northern province of Niassa later this year, state sources have said.
Two international organisations have already expressed readiness to fund the growth, Mozambican daily newspaper Notícias quotes national director of Rural Development Olegario Mbanze as saying.
The announcement comes on the day that 42 small commercial farmers in Nampula sign financing and production contracts for the next agricultural campaign in the provincial capital.
The Sustenta programme was launched in February by Mozambican President Filipe Nyusi with 16 billion meticais (EUR 216 million) from the World Bank. The programme covers smallholder projects in ten districts of the provinces of Nampula and Zambézia and is expected to also benefit Cuamba and Mecanhelas in Niassa. Mbanze says the aim is to cover the whole country.
The majority of the Mozambican population in rural areas has subsistence farming as their only means of survival.
The Mozambican government, which has selected agriculture as an economic priority in Mozambique, sees the industrialisation and commercialisation of the sector as one of its main challenges.Source: Lusa
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