MAPUTO, June 15 (Xinhua) -- Mozambican President Daniel Chapo has promulgated a law establishing the National Development Bank to promote inclusive and sustainable development by financing strategic projects.
According to a statement issued by the presidency on Monday, the bank will be mandated to structure, finance and drive development projects.
The law was approved by the Assembly of the Republic in May, following a proposal submitted by the president, which the government said would also help strengthen the country's economic sovereignty.
Lawmakers said the new institution would help address financing gaps that have limited investment, particularly for young entrepreneurs seeking to enter sectors such as agriculture.
Members of parliament said the bank could mark a shift in Mozambique's development financing model by enabling the state to support medium- and long-term investment, including in agro-processing, where commercial lending has often remained costly.
The establishment of the development bank was one of the commitments Chapo highlighted during his inauguration as president.
The state will hold a majority stake in the bank, while the remaining shares will be made available to other investors, including commercial banks. Enditem
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