ENH and BCI set up credit for Mozambique’s hydrocarbons SMEs
By the AFREEQUE newsroom, based on Club of Mozambique
Mozambique’s National Hydrocarbons Company (ENH) and BCI bank have signed a memorandum to create a credit line for Mozambican small and medium-sized enterprises in the hydrocarbons sector. The agreement, concluded in Maputo on 29 October, provides for BCI to manage the loans and ENH to identify eligible businesses and suppliers, according to Club of Mozambique.
Mozambique’s state hydrocarbons company ENH and Banco Comercial e de Investimentos (BCI) signed a memorandum in Maputo on Thursday 29 October to establish and manage a credit line for Mozambican micro, small and medium-sized enterprises in the hydrocarbons sector. The agreement provides for BCI to manage the financing and ENH to supply a list of businesses and suppliers that may qualify, reports Club of Mozambique.
ENH board chairman Rudêncio Morais described the initiative as a way to help local businesses supply goods and services to hydrocarbons projects, create jobs and retain more wealth in the country. He cited access to finance, alongside technical capacity and international certification, as one of the obstacles facing SMEs.
BCI executive committee chairman José Furtado said the agreement should help SMEs grow and take part in the economy’s value chains. The two partners aim to improve their productivity and competitiveness through financing on favourable terms.
The initiative follows discussions on financing local businesses in Mozambique, after the announcement of a reduction in reserve requirements for financing local production.
