The African Development Bank (AfDB), a multilateral institution that provides loans and grants to governments and private companies in Africa, recently announced that it will issue a local-currency credit line equivalent to USD 9 million to Moza Banco, a private financial institution that focuses on small and medium-sized enterprises (SMEs) in Mozambique. This loan is intended to finance SMEs in areas such as agriculture, manufacturing, trade, tourism and construction.
Moza Banco reported total assets of MZN 14.8 billion (USD 471 million) as of 2013. AfDB shareholders consist of 77 member countries, including 53 African countries to which it commits an approximate total of USD 3 billion annually.
By Juan Blanco, Research Associate
About African Development Bank (AfDB)
Established in 1964, the African Development Bank (AfDB) provides loans and grants to governments and private companies in Africa. Owned and funded by member governments, the bank has a mandate to reduce poverty and promote sustainable development. AfDB shareholders consist of 77 member countries, including 53 African countries to which it commits an approximate total of USD 3 billion annually. Donald Kaberuka serves as president of AfDB as of 2014.
Sources and Additional Resources
[1] African Development Bank Group, “AfDB SME Program: Enhancing Inclusive Growth and Job Creation in Africa,” http://www.afdb.org/en/news-and-events/article/afdb-sme-program-enhancing-inclusive-growth-and-job-creation-in-africa-13021/?mkt_tok=3RkMMJWWfF9wsRoku67Beu%2FhmjTEU5z17%2B4pXqW0i4kz2EFye%2BLIHETpodcMTcBhPbzYDBceEJhqyQJxPr3DJNUN0ddxRhbkDQ%3D%3D
MicroCapital Story, July 25, 2013, “African Development Bank (AfDB) Loans $17m to Société Nigérienne de Banque (Sonibank) of Niger to Support Private Sector,” https://www.microcapital.org/microcapital-brief-african-development-bank-afdb-loans-17m-to-societe-nigerienne-de-banque-sonibank-of-niger-to-support-private-sector/
MicroCapital Story, June 10, 2013, “Vodacom Mozambique Launches M-Pesa Mobile Money Service,” https://www.microcapital.org/microcapital-brief-vodacom-mozambique-launches-m-pesa-mobile-money-service/
MicroCapital Story, December 25, 2012, “FirstRand Bank of South Africa Receives $300m Line of Credit from African Development Bank (AfDB),” https://www.microcapital.org/microcapital-brief-firstrand-bank-of-south-africa-receives-300m-line-of-credit-from-african-development-bank-afdb/
MicroCapital Universe Profile: African Development Bank Group, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=African+Development+Bank++%28AfDB%29
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