{"id":44184,"date":"2023-08-06T17:18:24","date_gmt":"2023-08-06T17:18:24","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector"},"modified":"2023-08-06T18:11:40","modified_gmt":"2023-08-06T18:11:40","slug":"bank-to-fund-smes-targeting-oil-and-gas-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector","title":{"rendered":"Bank to fund SMEs targeting oil and gas sector"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The International Bank of Mozambique (Millennium BIM), one of the largest in the country, will finance small and medium-sized enterprises (SMEs) supplying oil and gas projects, aiming to allow this segment to take advantage of the opportunities created in hydrocarbons.<\/p>\n

\u201cOur concern is mainly with supporting local companies\u201d so that \u201cthese projects are inclusive,\u201d said Joa\u0303o Manuel Martins, chairman of the executive committee of Millennium BIM, an institution majority owned by Portugal\u2019s BCP Africa (Millennium BCP group), with a 66.69% stake.<\/p>\n

Martins was speaking to journalists after signing a memorandum of understanding with Empresa Nacional de Hidrocarbonetos (ENH), the business arm of the Mozambican state in the sector.<\/p>\n

Recognising that \u201cthe cost of money is high in Mozambique\u201d, the manager said that BIM would try to place its financing at a \u201ccompetitive price\u201d so that SMEs take advantage of the opportunities offered by the oil and gas sector.<\/p>\n

In the financial sector, \u201cyou cannot grow by charging high rates. We will try to practice the lowest possible rates\u201d, emphasised Joa\u0303o Manuel Martins.<\/p>\n

The chairman of ENH, Este\u0302va\u0303o Pale, considered it important to strengthen the financial capacity of Mozambican SMEs to be able to operate in hydrocarbon projects, taking into account the high degree of demand imposed by multinationals in the industry.<\/p>\n

\u201cThe oil and gas area is a very demanding area, and national companies need to be trained, not only in technical terms and standards but also in terms of financing\u201d, Pale said.<\/p>\n

The agreement signed on Tuesday by Millennium BIM and ENH is valid for five years, and the amounts will be made available according to the needs and repayment capacity of the beneficiary companies.<\/p>\n

In the first half of this year, according to financial statements consulted by Lusa, BIM Mozambique\u2019s consolidated profits increased by 3.2%, compared to June 2022, to 3.36 billion meticais (\u20ac47.9 million).<\/p>\n

As of 30 June, the bank had a share capital of 4.5 billion meticais (\u20ac64.1 million), mostly held by BCP Africa (Millennium BCP group), with a 66.69% stake, followed by the state of Mozambique (17.12%), the Mozambican National Social Security Institute (4.95%) and the Mozambican Insurance Company (4.15%), among other shareholders.<\/p>\n

According to central bank data, 15 commercial banks and 12 microbanks operate in Mozambique, in addition to credit cooperatives and savings and credit organisations, among others.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The International Bank of Mozambique (Millennium BIM), one of the largest in the country, will finance small and medium-sized enterprises (SMEs) supplying oil and gas projects, aiming to allow this segment to take advantage of the opportunities created in hydrocarbons. \u201cOur concern is mainly with supporting local companies\u201d so that \u201cthese projects […]<\/p>\n","protected":false},"author":84,"featured_media":44182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-44184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nBank to fund SMEs targeting oil and gas sector - Mozambique<\/title>\n<meta name=\"description\" content=\"The International Bank of Mozambique (Millennium BIM), one of the largest in the country, will finance small and medium- ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank to fund SMEs targeting oil and gas sector\" \/>\n<meta property=\"og:description\" content=\"The International Bank of Mozambique (Millennium BIM), one of the largest in the country, will finance small and medium- ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-06T17:18:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-06T18:11:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1691329205.604019.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1348\" \/>\n\t<meta property=\"og:image:height\" content=\"901\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bank to fund SMEs targeting oil and gas sector\",\"datePublished\":\"2023-08-06T17:18:24+00:00\",\"dateModified\":\"2023-08-06T18:11:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1691329205.604019.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bank-to-fund-smes-targeting-oil-and-gas-sector\",\"name\":\"Bank to fund SMEs targeting oil and gas sector - 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