Absa Bank Mozambique recently participated in the tenth Mineral Wealth Conference of the Uganda Chamber of Mines and Petroleum. The event aimed to boost public and private sector initiatives to industrialize the economy at the African level.

Absa, represented by Hermano Juvane, spoke about the contribution of Mozambique's mineral wealth to the industrialization of the local economy.

The head of the Oil and Gas sector in Absa also referred that the mining resources sector is a priority in the strategy of the bank he represents. And that, besides focusing on mega-projects, it seeks to look at the entire value chain.

"The challenge that the Mozambican economy faces in the journey of industrialization, similar to the Ugandan one, is the development of the processing and transformation chain of each ore. This is the challenge: to create conditions so that the entire chain from extraction to processing is promoted locally," he said.

For Juvane it is still essential to invest in the main markets that drive the demand for each ore. However, one must keep abreast of the international environment that impacts the global demand and price of each commodity. And this will be directly proportional to the appetite that the banking sector has in financing the extractive sector.

Absa Bank Mozambique currently serves the entire value chain of the mining sector by financing large commodity operations such as coal, oil, gas and heavy sands.