Speaking during the launch ceremony, President Guebuza said that the BNI should contribute to the growth of the agricultural sector, the energy sector and the hydrocarbon industry as these are the areas that will contribute most to the country’s development.
He added, “we hope that the bank will support projects generating employment. This bank should contribute to the provision of credit for small and medium sized enterprises (SME) which, as we know, play an important role in generating jobs”.
President Guebuza pointed out that the inauguration comes at a time when the world faces a global economic crisis which negatively affects the Mozambican economy as the country depends largely on the export of raw materials.
Giving a brief history of Mozambican banking, President Guebuza explained that the country had three banks in 1987. Today the number has soared to eighteen banking institutions, eight micro-credit facilities, and seven credit cooperatives.
In the same period Mozambique has gone from having 228 to 529 bank branches distributed in provincial capitals, municipalities and in 63 districts.
Finance Minister Manuel Chang added that the creation of the investment bank should contribute to the development of small and medium sized businesses.
The chairperson of the bank’s executive commission, Adriano Maleiane (who is a former governor of the Bank of Mozambique), stressed that the bank will work to promote socio-economic development and to strengthen the economy’s productive sectors.
Maleiane stated that the existence of a development bank is a vital instrument for funding infrastructure projects.
BNI began its activities in 2011 with three shareholders – the Portuguese and Mozambican states with 49.5 per cent each, and the Commercial and Investment Bank (BCI), the second largest commercial bank in Mozambique, with the remaining one per cent.
However, in December last year the Mozambican government acquired all the shares from the two other shareholders.
Post published in: Africa News