Afrexim Bank has US$500 million to lend to Mozambique

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Afrexim Bank has US$500 million to lend to Mozambique

5:03 CAT | 12 Feb 2016

O País / Gift Simwaka

The African Export-Import Bank has US$500 million to finance investment projects in the agriculture, tourism and energy sectors, but says there is poor uptake of credit despite the country’s substantial financing needs.

The figure was announced yesterday in Maputo by a representative at the pan-African Business Forum co-organized by Afrexim Bank and the Bank of Mozambique.

National public institutions and private companies are both eligible for funding. If funding needs are greater than existing packages, Afrexim Bank is committed to sourcing the difference.

“If the project requires more than the amount on offer, we create a union involving several international banks, which together can finance large projects. We have done this in 20 countries with projects worth up to two billion dollars,” said bank representative for Southern Africa Gift Simwaka.

Source: O País