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AfDB ups financial contribution in Mozambique to US$2.5mn

The grant is earmarked for SME targeting local content and women-owned business. (Image source: Adobe Stock)

The African Development Bank Group (AfDB) has approved a grant of US$1.5mn to Mozambique to boost the development of local content

The grant is earmarked for small and medium-sized enterprises (SME) targeting local content and women-owned business in the natural resources sector of the nation.

The new approval brings the Bank’s total commitment to SME development to US$2.5mn, following an announcement of a previous financial package of US$1mn in June 2021 to the Instituto para a Promoção das Pequenas e Médias Empresas (IPEME) under the Local Content Development Project for youth-led and women in business MSMEs (MOZYWEB). IPME is funded by the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF).

Estevao Pale, CEO of ENH, said, "The implementation of gas projects, foreseen in the next 12 to 24 months, of the Coral Floating LNG and Area 1 (by TOTAL), in the Rovuma Basin, as well as the construction of the Central Termica de Temane ( CTT)  project,  calls for an urgent materialisation of LINKAR's four areas of action: capacity-building, funding, technical assistance and hiring of SMEs".The CTT project is projected to generate an average of 450MW of power and the production of 30.000 tons of LPG (domestic gas), in the Inhambane Basin.  

The new financial contribution approval, from two Bank fund sources - the Affirmative Finance Action for Women in Africa (AFAWA), through the Women Entrepreneurs Finance Initiative (WeFi), and Fund for African Private Sector Assistance (FAPA)- will provide technical and institutional assistance to Empresa Nacional de Hidrocarbonetos (ENH), 'Mozambique's national oil company under the LinKar initiative.

This support follows the board of directors approval of a US$400mn senior loan project in November 2019 to "Mozambique LNG Area 1." The loan agreement carried a recommendation to build capacity in developing local companies by specific technical assistance programs in order to create decent jobs in the country.

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