Access Bank Mozambique and the Executive Council of Cabo Delgado Province signed, on Thursday, a Memorandum of Understanding during the Mozambique Energy & Industry Summit (MEIS).

The agreement aims to strengthen the Bank's commitment to supporting the sustainable and socio-economic development of the region.

The main aim of the memorandum is to develop local content in Mozambique, especially in Cabo Delgado, promoting sustainable economic growth.

The partnership aims to empower local businesses and communities, boosting economic resilience.

Access Bank is committed to managing funds to finance local businesses and community projects, implementing mechanisms for inclusion and financial literacy.

The Bank will offer financial literacy and empowerment programs to promote a sustainable economic environment.

For its part, the Executive Council of Cabo Delgado will facilitate collaboration between the Bank and local companies, community organizations and other interested parties. It will provide data to identify eligible beneficiaries and support access to necessary infrastructure.

Access Bank's Director of Corporate Banking, Tarcísio Mahanhe, said that "the agreement is a significant milestone for the development of Cabo Delgado, highlighting the importance of access to private capital to finance small and medium-sized enterprises and promote local development".

For Marco Abalroado, Managing Director of Access Bank Mozambique, "Access Bank's participation in the MEIS and the signing of the Memorandum of Understanding reinforce the Bank's commitment to financial inclusion and sustainable growth in the region".

During the event, Tarcísio Mahanhe took part in a panel on financing mega-projects in Mozambique, stressing the need for clear regulatory frameworks to catalyze investment and technological development.

The MEIS brought together various stakeholders to discuss the region's energy landscape, environmental impact, local content, humanitarian and socio-economic development objectives, investment opportunities, the blue economy, mining and industrial parks in Cabo Delgado.