{"id":9024,"date":"2021-11-16T17:13:54","date_gmt":"2021-11-16T17:13:54","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=9024"},"modified":"2021-11-16T15:45:06","modified_gmt":"2021-11-16T15:45:06","slug":"mozambique-afdb-boosts-financial-contribution-to-2-5-million-to-support-local-content-and-job-creation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-afdb-boosts-financial-contribution-to-2-5-million-to-support-local-content-and-job-creation","title":{"rendered":"Mozambique: AfDB boosts financial contribution to $2.5 million to support local content and job creation"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The African Development Bank Group has approved a grant of $1.5 million to Mozambique to boost the development of local content and Small and Medium-sized Enterprises ( SME) initiatives targeting local content and women-owned business in the natural resources sector of the nation. The new approval brings the total commitment to SME Development to $2.5 million, following an announcement of a previous financial package of $1 million in June 2021 to the Instituto para a Promo\u00e7\u00e3o das Pequenas e M\u00e9dias Empresas (IPEME) under the Local Content Development Project for Youth-Led and Women in Business MSMEs (MOZYWEB), funded by the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF).<\/p>\n

The new financial contribution approval, from two Bank fund sources \u2013 the Affirmative Finance Action for Women in Africa (AFAWA), through the Women Entrepreneurs Finance Initiative (WeFi), and Fund for African Private Sector Assistance (FAPA) \u2013 will provide technical and institutional assistance to Empresa Nacional de Hidrocarbonetos (ENH), \u2018Mozambique\u2019s national oil company under the LinKar Initiative.<\/p>\n

This support follows the Board of \u2018directors\u2019 approval of a $400 million senior loan project in November 2019 to \u201cMozambique LNG Area 1.\u201d 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.<\/p>\n

The LinKar Initiative will focus on upgrading the capacity of local SME suppliers of goods and services in a wide variety of sub-sectors, including catering, office supplies, training, facilities management, customs, recruitment, and logistics, with the aim of advancing the country\u2019s economy.<\/p>\n

Estevao Pale, the ENH CEO, said: \u201cThe 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 T\u00e9rmica de Temane (CTT) project, calls for an urgent materialization of LINKAR\u2019s four areas of action: capacity-building, funding, technical assistance and hiring of SMEs\u201d. 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.<\/p>\n

\u201cBoth programmes (LinKar and MOZYWEB) will support more than 300 local companies by providing them with access to skills and certification, access to contracts and financing from local financial institutions. These SMEs will create decent jobs, especially for women and youth, and boost local content in the gas industry in Mozambique\u201d, African Development Bank Country Director Cesar Augusto Mba Abogo, said, commending the Bank Group\u2019s support to Mozambique.<\/p>\n

Commenting on the grant, Marieme Ester Dessanou, Coordinator of the Affirmative Finance Action for Women in Africa (AFAWA) initiative of the African Development Bank, said: \u201cThe economic empowerment of African women is a prerequisite for sustainable economic growth. Investing in women means investing in Africa\u2019s future. The Covid-19 Pandemic has erased many gains in the last decade for women entrepreneurs. AFAWA is excited to leverage the Women Entrepreneurs Finance Initiative ( WeFi) funds to support women-owned or led companies in Mozambique\u2019s oil and gas sector.\u201d<\/p>\n

ENH- Empresa Nacional de Hidrocarbonetos, the government body responsible for exploring, producing, and commercialising hydrocarbons in Mozambique, is committed to leveraging Mozambique\u2019s gas resources to drive broader economic growth and create sustainable local jobs.<\/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 African Development Bank Group has approved a grant of $1.5 million to Mozambique to boost the development of local content and Small and Medium-sized Enterprises ( SME) initiatives targeting local content and women-owned business in the natural resources sector of the nation. The new approval brings the total commitment to SME […]<\/p>\n","protected":false},"author":84,"featured_media":9023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,281,283],"class_list":["post-9024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique: AfDB boosts financial contribution to $2.5 million to support local content and job creation - Mozambique<\/title>\n<meta name=\"description\" content=\"The African Development Bank Group has approved a grant of $1.5 million to Mozambique to boost the development of local ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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