Mozambique's Ministry of Finance holds provincial public consultations on draft law to establish the Mozambique Development Bank

Mozambique's Ministry of Finance convened a public consultation in Tete Province on the proposal to create the Mozambique Development Bank (BDM), a planned development finance institution intended to expand medium and long-term funding for projects that are not typically served by commercial banks. Provincial Governor Domingos Viola linked the initiative to strengthening local businesses, reducing regional disparities and improving access to longer-tenor finance for small and medium-sized enterprises. He argued the BDM should be structured differently from previous experiences and be able to attract experienced international partners such as the Development Bank of Southern Africa and the International Finance Corporation. The Ministry of Finance’s economic reforms coordinator, João Macaringue, said the Tete meeting forms part of a consultation programme across all provinces to strengthen the draft bill underpinning the bank’s creation, and that required resources cannot be financed solely by the National Treasury, pointing to the need for participation by reputable development institutions. Feedback from the provincial consultations is intended to inform the draft legislation that will serve as the basis for establishing the BDM.