TechInAfrica – The African Development Bank (AfDB) has granted EUR 990,000 ($1.18m) for Mozambique agro-processing firms.
The fund came from the Italian Technical Cooperation Fund.
“We are pleased to receive this grant from the African Development Bank and the Italian Technical Cooperation Fund, which will benefit about 300 agro-processing and agribusiness Small and Medium-sized Enterprises (SME) associations in Mozambique, particularly youth and women-led SMEs operating along the development corridors of Nacala-Beira-Pemba-Lichinga,” said Dr. Agostinho Vuma, President of the Confederation of Business Associations of Mozambique, at the ceremony to hand over the grant funding.
“The grant is apt to further step up the intense bilateral relations in the agriculture area built through the many projects financed by the Italian cooperation and that it can act as a catalyst to extend it to the private sector where it exists a huge and largely untapped potential,” underlined the Italian Ambassador Dr. Gianni Bardini.
The agriculture project is aligned with the interest of Mozambique’s Country Strategy Paper (2018-2022), which mentioned infrastructure investment, agricultural transformation, and value chain development as the building pillars for strategic growth.