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Shareholders fail to capitalise Mozambique’s Moza bank

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Shareholders of Mozambican bank Moza have failed on the commitment made at the general meeting held on 23 January to capitalise the institution to return to financial stability and comply with current prudential ratios, the Bank of Mozambique said in a statement on Thursday.

Moza (formerly known as Moza Banco), which started operations in 2008, is controlled 51% by Moçambique Capitais and More

Results of the audit on Mozambique’s will be disclosed, IMF says

The results of the international and independent audit of the loans taken on by three public companies in Mozambique with State guarantees will be released, said on Thursday in Washington the spokesman for the International Monetary Fund (IMF).

Gerry Rice recalled that the IMF had resolutely called for this audit, which is being conducted by UK consultancy Kroll Associates, and said the More

Mozambique Stock Exchange seeks to attract more companies

The Mozambique Stock Exchange and the Confederation of Economic Associations of Mozambique have joined forces to improve the business environment, strengthen the financial system and the stock market, under a memorandum of understanding signed in Maputo.

The partnership is intended to give priority to training of entrepreneurs in financing and investment matters and investment in the capital market through the stock exchange, More

ENI Group to pay US$350 million in capital gains to Mozambique

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The recently concluded deal between Italian group ENI and US group ExxonMobil will provide Mozambique with capital gains taxes of about US$350 million, said on Tuesday in Maputo a senior executive of the Mozambican Tax Authority (AT).

Aníbal Mbalango, the Deputy Director General of Planning and Studies and International Cooperation at the AT, said that the figure results from application of the More

Hundreds of public works have been abandoned or suspended in Mozambique

Fifty-two public works projects have been completed, 50 are in progress, 140 have been abandoned by contractors and 117 were suspended by the government out of a total of 359, according to a survey of all public works paid for by the Mozambican state budget.

The 359 projects, which mainly involve the Ministries of Health, Education and State and Civil Administration have More

Decisions on extraction of natural gas in Mozambique due to be made before July

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Major decisions concerning natural gas extraction projects in the Rovuma basin in northern Mozambique, will be taken before the end of the first half of this year, said the chairman of Mozambican state oil and gas company ENH.

Omar Mitha told daily newspaper Notícias, that Italian group ENI, the Area 4 block operator, will makes a final investment decision this month and More