Absa Bank Mozambique has recently committed to support the development of export product value chains by financing the commercial production and processing industry of macadamia, avocado, lychee, beans and agro-forestry products.

To this end, the Bank plans to invest in the development of lines of credit for agribusinesses, with a focus on Small and Medium-sized Enterprises (SMEs).

Speaking at the first edition of the Manica Business and Investment Roundtable between Mozambique and the United Kingdom, the director of Agricultural Banking of Absa Bank Mozambique, Marcelino Botão, said that the industrialization of rural areas depends on a strong investment in production and agro-processing technologies.

"We need to invest in agricultural mechanization, irrigation systems, conservation and storage infrastructure, such as silos and specialized warehouses and agro-industries. In the same path, we have listed as priorities the construction of infrastructure and logistics management systems, with the creation of a distribution network and implementation of a cold chain of vegetables and fruits," said the manager.

He added the need for investments in modernization, through the massification of the use of internet and electronic banking as well as related means of payment, in addition to the establishment of partnerships with entities that offer risk sharing solutions, including agricultural insurance.

"This will facilitate the development of agrarian value chains for export and import substitution of products such as soybeans, corn, rice, wheat, chicken, beef, fruits and vegetables," he said.

In her turn, the British High Commissioner to Mozambique, NneNne Iwuji, underlined that the potentialities of Manica open space for actions to strengthen the economy and guaranteed that her country will continue to identify more opportunities for investment in the province and in Mozambique, in a long term perspective.

"If agriculture is the main source of income for our communities, the ability to transform this production into more valuable products for export is a crucial step. The UK has the knowledge, the necessary technologies and the will to work with Mozambique to further grow this sector," he said.