Mozambique: Daniel Chapo highlights Gapi-SI’s role in economic development and financial inclusion

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Mozambique: Daniel Chapo highlights Gapi-SI’s role in economic development and financial inclusion

5:18 CAT | 05 Mar 2025

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File photo: RM

The President of the Republic, Daniel Chapo, highlighted the importance of Gapi-SI in the socioeconomic development of Mozambique, during the celebration of the institution’s 35th anniversary.

At the event, held in Maputo, Chapo highlighted the role of the investment company in promoting financial inclusion, supporting micro, small and medium-sized companies and creating jobs, with a special focus on Mozambican youth.

“This is a special moment, because as we celebrate Gapi’s 35th anniversary, we reinforce our commitment to creating more employment opportunities, especially for young people, an essential objective of our government program,” said Chapo.

Created in 1989 by the Government, Gapi has established itself as an agent of economic and social development.

Data revealed by the Head of State indicate that between 2020 and 2024, the institution granted 1.4 billion meticais in loans, benefiting 2,642 micro, small and medium-sized companies and generating approximately 8,753 jobs. This impact, according to the President, reinforces the importance of continuing to invest in initiatives that promote sustainable growth and access to credit.

The event also highlighted the collaboration between Gapi and the Government to capture international resources aimed at boosting strategic sectors.

Chapo recalled attracting a donation from the African Development Fund in 2000, which allowed the cashew industry to be revitalized, and managing a line of credit of up to $100,000 for economic recovery after the floods of that year. Another relevant milestone was the mobilization of resources from the World Bank, between 2002 and 2004, for the reinsertion of around 12 thousand workers affected by the restructuring of the public company Caminhos-de-Ferro de Moçambique (CFM).

During the speech, the president referred to the creation of the Economic Reconstruction Fund and the Mutual Guarantee Fund, initiatives that aim to improve access to credit and reduce financial risks for small and medium-sized companies. According to the governor, 83 percent of the country’s 154 states already have bank branches and 92 percent have electronic currency agents, reinforcing advances in financial inclusion.

One of the most notable initiatives mentioned at the event was INCUBOX, an innovative project supported by the European Union and designed by Gapi technicians. The initiative aims to strengthen youth entrepreneurship in the provinces of Niassa, Cabo Delgado and Nampula, using mobile containers as business incubators to offer training, technical assistance and financing for startups and small businesses.

“Young entrepreneurship needs support and real opportunities. We need to join forces between the government, companies and educational institutions to ensure that young people have access to the job market and can develop their own initiatives,” highlighted Chapo.

The President of the Republic concluded his speech by reaffirming the Government’s commitment to supporting projects aimed at strengthening the economy and reducing inequalities. “Youth employability is not just an economic issue, but also a social one. The future starts now, and it needs to be built by all of us.”

Source: RM