Thursday, July 18, 2024

European Investment Bank and Moza Banco allocate 10 million euros to boost women-led businesses in Mozambique

Access to finance for women entrepreneurs in Mozambique will be boosted by a ten million euro loan signed this Thursday, December 21, by the European Investment Bank (EIB) and Moza Bank. This funding will enable the creation of a new instrument aimed at small and medium-sized enterprises (SMEs) in the country.
According to a statement from Moza Banco, the instrument will provide loans with favorable conditions, especially aimed at companies owned or led by women, employing a significant number of them or offering specific services for women. The sectors benefiting include manufacturing, transport, agriculture, health and services.
The African continent stands out for having one of the highest percentages of women entrepreneurs globally. In Mozambique, more than three-quarters of the working population support themselves through small or medium-sized businesses, with two-thirds of the workers in these businesses being women.
Thomas Östros, Vice-President of the EIB, emphasizes the importance of women’s economic emancipation, stressing that investing in small businesses run by women not only boosts economic opportunities, but also contributes to education, health and employment, benefiting society as a whole.

Manuel Soares, Chairman of the Executive Committee of Moza Banco, expresses his conviction in the transformative power of financing projects that strengthen the role of women in society. He stresses the need to create facilities for Mozambican women to achieve financial independence and take the lead in their own lives.
The European Union’s ambassador to Mozambique, Antonino Maggiore, highlights the importance of the Global Gateway Strategy to encourage public and private investment, prioritizing access to finance for SMEs led by women. The European Union hopes that the EIB Moza Banco financing instrument will boost the Mozambican private sector.
According to Moza’s note, small businesses are fundamental to economic growth and development, providing goods, services, jobs and income to local communities. It is hoped that the BEI Moza Banco instrument will bridge the financing gap for women entrepreneurs with financial mechanisms and products geared to their needs, especially in an adverse global context and climate change.

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