European Investment Bank offers credits for Mozambique SMEs

The European Investment Bank (EIB) has offered a credit line of 30 million euros (US$33.45 million) for Mozambican micro-, small- and medium-sized enterprises, said Millennium bim – formerly known as Banco Internacional de Moçambique – the largest lender in the African nation.

The Mozambican bank’s Monday announcement – quoted by online media outlet Macauhub – said the credit line would finance half of the total cost of projects submitted by Mozambican SMEs.

Public and private companies across all sectors are eligible to apply for the credit, the statement added.

The credit scheme is part of the Cotonou Agreement, a deal on co-operation and aid sealed between the European Union and a bloc known as the African, Caribbean and Pacific Group of States.