The funding will help the small agro-processing businesses tap into the regional and national markets and capitalize on opportunities created by the African Continental Free Trade Area. The implementing agency is Mozambique’s The Confederation of Business Associations.
President of the Confederation of Business Associations of Mozambique, Dr. Agostinho Vuma, at the ceremony, to hand over the grant funding “We are glad to receive this grant from the Italian Technical Corporation Fund and the bank, which will benefit around 300 agro-processing and agribusiness small and medium-sized enterprises (SME) association in Mozambique, specifically women and youth-led SMEs that operate along the Nacala-Beira-Pemba-Lichinga development corridors.”
Dr. Gianni Bardini, Italian ambassador stated that “The grant will help further enhance the intense bilateral relations in the agriculture area built via the various projects funded by the Italian cooperation and that it can serve as a catalyst to extend it to the private sector where it has a huge and largely untapped potential.”
Dr. Pietro Toigo, AfDB country manager noted that the grant will provide vital support to Mozambique, specifically during socioeconomic challenges posed by the COVID-19 pandemic. He stated further that “We are pleased to collaborate with the CTA and the Government of Italy to support SMEs in Mozambique recover from the COVID pandemic and increase their competitiveness as part of the AfDBs commitment to assist in Industrializing Africa and Mozambique.”
The project supports the goals of Mozambique’s Country Strategy Paper (2018-2022), which focuses on two strategic pillars: infrastructure investments that enable transformative inclusive growth and job creation, and agricultural transformation and value chain development.
Dr. Carlos Alberto Fortes Mesquita, the minister of industry and trade stated the importance of the initiatives and their catalytic role in the promotion of Mozambique’s agricultural modernization and the industrialization of the critical sectors of the economy.
Recently the bank approved a US$1mn grant to boost local content and the development of initiatives of small and medium enterprises.
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