Mozambican state bank announces EUR 5.8 million credit line for agribusiness in Tete

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Mozambican state bank announces EUR 5.8 million credit line for agribusiness in Tete

12:08 CAT | 01 Aug 2018

BNI chairman Tomás Matola (second from the left) announced the credit line during the inauguration on Monday of the BNI's Tete branch, its first outside of Maputo. Photo: Agência de Desenvolvimento do Vale do Zambeze Facebook

The National Investment Bank (BNI), which is wholly owned by the Mozambican state, has announced a 400 million meticais (EUR 5.8 million) credit line for agribusiness in the central province of Tete.

“The beneficiaries of this line of credit will be small and medium-sized enterprises and students who have just graduated from technical institutes,” BNI president Tomás Matola said in statements quoted by the daily ‘O País’.

Matola announced the credit line during the inauguration on Monday of the BNI’s Tete branch, its first outside of Maputo.

Speaking at the occasion, President Filipe Nyusi said he considered the BNI’s presence significant in the light of the province’s economic in agriculture and natural resource potential.

“BNI is a national bank and has seen its responsibilities increase. It has been doing very well, and continues to evolve, slowly but surely,” the president declared.

The BNI was formed in 2011 with an initial 49.5 percent stake held by the Mozambican state, an equal holding by Portugal’s Caixa Geral de Depósitos (CGD), and one percent held by Mozambique’s Banco Comercial e de Investimento (BCI).

In 2012, CGD and BCI sold their shares to the Mozambican state, which from then on wholly owned the BNI.

Source: Lusa