The government of Mozambique has started a procedure in providing funds for small and medium-sized enterprises (SMEs) affected by COVID-19 in the country to alleviate the impact and save jobs, Radio Mozambique reported on Wednesday.
More than 200 companies have submitted proposals for access to the available credit line provided by the National Investment Bank (BNI) valued at more than 22 million U.S. dollars, according to the report.
BNI’s chairperson Tomas Matola told the radio that a credit committee has already been set up to evaluate the funding requests.
“The analysis process has already started, the projects were registered and after approval, there is a contracting phase for the disbursement to take place,” said Matola.
Many companies in Mozambique are said to have been forced to suspend operations, reduce their workforce or even struggle for survival due to the pandemic.
Most of the companies requesting a financial rescue are operating in sectors of hotel, restaurants, general trade and agro-business.