Minister of Economy Pledges to Establish Development Bank in Mozambique

- Three thousand young entrepreneurs lost their businesses during post-election riots

By Aurélio Muianga

Maputo (MOZTIMES) – The Mozambican Minister of Economy, Basílio Muhate, announced on Thursday that the government will establish a Development Bank as part of its election manifesto commitments, with a focus on financing micro, small, and medium-sized enterprises.

The Minister, who oversees the areas of Industry and Trade, made the statement in response to a delegation from the Young Entrepreneurs’ Association (AJE), which visited his office to present what they described as practical and immediate measures aimed at reviving their businesses, which were economically affected by the post-election crisis.

"There are a number of measures being developed at government level, involving the CTA (Confederation of Mozambican Business Associations) and the commercial banks. Regarding the Development Bank, the government will make an announcement in the coming days," said Basílio Muhate.

The AJE chairperson, Lineu Candeeiro, who led the group of young entrepreneurs, highlighted three immediate measures for the recovery of businesses affected by vandalism and looting during the protests that began on 21 October last year.

He pointed to the need for a fund to support the recovery of affected businesses, a temporary exemption from taxes and from late payment of interest on employee contributions to the Social Security Institute, and the implementation of tax incentives.

Candeeiro revealed that three thousand young entrepreneurs had been impacted by the post-election protests but said there was no data yet on the financial resources required for their businesses to recover and survive.

"It is difficult to estimate the necessary amount, as the assessment of damage is still ongoing and will take time, given the remaining road blocks in some areas," said the AJE leader.

The Director-General of the Institute for the Promotion of Small and Medium Enterprises (IPME), Jacinta Gumeta, stated during the meeting that the government has already implemented measures to finance SMEs and that, in the near future, a Development Bank will be created to support sectors such as agro-processing, services, and technology. (AM)

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