Portuguese Banco BiG launches in Mozambique

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Portuguese Banco BiG launches in Mozambique

3:17 CAT | 12 May 2016

Oje (File photo)

Portuguese Global Investment Bank (BiG) sees its formal launch of operations in Mozambique today as a “sign of confidence in the development potential” of the country.

Speaking at the official opening ceremony yesterday, BiG president Carlos Rodrigues said that the move stems from a strong belief in the country’s progress.

“Our feeling is that, through learning – because no one does anything alone – and determination, we will be able to contribute to the continued growth and development of this country,” he said.

In recent years, said Rodrigues, Mozambique has experienced levels of growth and economic expansion that justify the commitment of local and international investment, and BiG will engage in a constant search for ways to meet the needs of various segments of Mozambican economy and provide innovative financial solutions.

In business for over 39 years in Portugal, BiG bank began its operations in Mozambique in March, its first outside its home country.

The entry of BiG brings the number of credit institutions operating in Mozambique to 19, not including nine micro-banks, nine credit unions, twelve savings and loan organizations and 359 micro-credit operators.

BiG’s launch comes at a time when the Mozambican economy is suffering a strong devaluation of the metical, rising inflation and slowing growth, and a 75 percent drop in investment projects authorized in 2015 over the previous year.

The country also faces a political and military crisis affecting the economy in the country’s central region and the effects of the disclosure of substantial loans guaranteed by the state on public debt.

Source: Lusa