Mozambique gets $6m AfDB funding for women’s empowerment

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Mozambique gets $6m AfDB funding for women’s empowerment

7:19 CAT | 19 May 2017

International Livestock Research Institute (File photo)

The African Development Bank (AfDB) says it has invested $6 million in projects aimed at empowering women in Mozambique, APA can report on Thursday. The director of the Fund for Support to the Rehabilitation of the Economy (FARE), Augusto Isabel, said of this amount, which covers the period 2016 to 2018, $1.2 million was earmarked for the implementation of the women’s empowerment project in the development of women’s skills.

Isabel, who was addressing a media briefing in the Mozambican capital late on Wednesday, said the project aims to provide financial assistance to a total of 601 revolving credit savings groups, covering close to 15,000 women in 20 districts in the provinces of Nampula, Niassa, Manica, Sofala and Inhambane.

The official explained that in Mozambique, 60 percent of the savings groups are women, which is why the project targets this social layer, in addition to being the potential managers of domestic savings.

“This year, Ophavela in Nampula is implementing projects that have 134,834 members with 7,747 savings and revolving credit groups, and has accumulated savings of around 173.607.000 meticais and with a revolving credit of around 11 million meticais,” Isabel said continued.
She added: “this is a lot of money outside the financial system that is not controlled.”

Augusto Isabel called for the need to operate mechanisms in order to create conditions that ensure greater inclusion of women to access financial services.

To achieve this goal, FARE will sign five memoranda of understanding with the Association for Socioeconomic Development (OPHAVELA), the Manica Economic Development Agency (ADEM), M-MOLA (Electronic Money Financial Services of the mobile operator – Movitel) and Ayani-BV, Associations and NGOs that promote microfinance services for community-based rural savings, credit and social insurance.

The memorandum, which will be signed during the 9th Forum of Roving Savings and Loan Operators (OGPCR), aims to facilitate the mapping of the communities covered, as well as their capacity to use modern technologies for the conduct of electronic transactions.

The forum is taking place in the Boane district, southern province of Maputo, on Thursday and Friday under the motto “Women’s financial inclusion, challenges and opportunities.”

Source: APA