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UK to expand financial services in Mozambique

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Wednesday, 14 May 2014

UK to expand financial services in Mozambique

The British Department for International Development minister, Lynne Featherstone, launched a project in the Mozambican capital aiming to expand financial services for small-and-medium size businesses, especially in rural areas. The British government will grant 20 million U.S. dollars for the project. The funds will be used to develop the rural areas through medium and small enterprises.
"The program is based on a solid evidence that improving poor people's access to finance boosts growth and reduces inequality and poverty," a document from the British government said.
The program is based on a detailed assessment of the financial market in Mozambique carried out in collaboration with the government of Mozambique, the World Bank, and the German Development Bank (KFW).
Ms Featherstone said that the project will work in collaboration with the local government, private sector, financial institutions and development partners.
"Women need to have access to credit so that they can improve the management of their finances and the use of their income", she added. The British minister recognized that agriculture is an important sector for Mozambique's social and economic development. She considers that the project will promote sustainable growth.

Source: NewEurope