Jul 24, 2014

• Memorandum of Understanding formalizes structure for mutual cooperation between the two institutions

The Brazilian Development Bank (BNDES) signed a memorandum of understanding with the National Investment Bank S.A. (BNI), a financial institution controlled by Mozamibque’s Management Institute of State Holdings (IGEPE), with the head offices in Maputo.

The MoU was signed on July 23 at the BNDES’ headquarters in Rio de Janeiro by the BNDES’ Managing Director of both the International Division and the Foreign Trade Division, Luiz Eduardo Melin, and the IGEPE President, Apollinaris Panguene.

The memorandum aims to formalize a structure for mutual cooperation between the two countries in order to foster programs and develop projects of common interest. It also enables the financial institutions to study possibilities of financing and co-financing to support investment projects that satisfy the interests and operational policies of both institutions and policies in both countries. Implementation of projects will take place through specific instruments to be negotiated at a later date.

BNI – Created in 2010, the National Investment Bank S.A.  initially served as an investment bank focused on financing infrastructure works in Mozambique. Currently, it is 100% controlled by the Mozambican State, and its main objective is to contribute to the country's economic and social development by fostering financing and providing financial assistance to companies in key sectors of the economy, such as infrastructure, energy, natural resources and industry in general.