Mozambique received US$90 million from Afreximbank – In 23 years, granted to four institutions

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Mozambique received US$90 million from Afreximbank – In 23 years, granted to four institutions

12:16 CAT | 11 Feb 2016

TVM

Mozambique benefited about 90 million U.S. dollars from the African Export-Import Bank (Afrexim bank), since it was created in 1993, 23 years ago.

According to the administrator of markets, in the Mozambican Central Bank, Joana Matsombe, cited by state owned TVM, only four Mozambican institutions have benefited from this amount.

Mastombe said 35 million U.S. dollars are in process to come to Mozambique.

The Pan African bank has 150 members, and Mozambique is a co-founder.

First Capital Plus’ new status brings the total number of commercial banks in the country to 27.

The money already given to Mozambique went to several companies and was used in economic activities. Matsombe urged member states of the bank to grab the opportunity to get money from Afrexim bank.

Giving an example, Matsombe said Zimbabwe grabbed 200 million U.S. dollars last year for its economic recovery, while Gabon got 300 million this year to be used in coconut project to extract oil and in infrastructures.

For Matsombe, Mozambique seems to be timid in asking for money from the pan African financial institution.

Mozambique, hit by floods, drought, cyclones, which destroyed roads, bridges, schools, health units, among others, needs money to recover them, said Matsombe.

A meeting of the Afrexim bank is taking place since Wednesday in the Mozambican capital, the first time since it was created.

The business forum is discussing about its activities and divulge financial products it can offer.

The TVM report stresses that other countries, such as Zimbabwe, for example, have received through the same fund, in one year, US$200 million, the double of what Mozambique has received in 20 years.

Source: Xinhua / TVM