The World Bank has approved a $25 million aid package to assist economic agents in the Mozambican provinces of Inhambane and Nampula who will, until 2014, have access to funding to improve the business climate and increase their competitiveness.
The bank said in a statement that this financial packages negotiated with the World Bank by the Ministry for Industry and Trade, Inhambane Province has access to over $5 million for tour operators to develop their businesses, although they will have put in a percentage of their own funding.
“As well as these activities, the funding also covers the execution of projects for producers of tropical fruits in the province of Nampula to make use of local services and involve business associations,” the statement said.
In the case of small and medium-sized companies in Inhambane, which have a fund of $3 million, access to funding will require the companies to match the World Bank funding, it added.
There is also a $1 million fund for micro companies which, to have access to the financing, will have to provide 70 percent of total funding of their undertaking.
Latest figures published by the economic council of Inhambane Province by a team of technical staff from the Ministries for Tourism and for Industry and Trade showed that the project also involves the creation of technical capacities at public institutions of the two provinces.
Source African Press Agency
