Latest Economic News in Mozambique

Mara Delta property fund buys properties in Mozambique

Mara Delta property fund
Pan-African real estate investment fund Mara Delta Property Holdings will invest US$110 million in the acquisition of four properties in Mozambique, the company’s new business and development director, Greg Pearson said in Maputo on Monday.

Pearson said the fund was currently engaged in the project to remodel a building belonging to US group Anadarko Petroleum.

Expressing confidence in the economic future of Mozambique, “facing challenges that are not unique amongst emerging countries,” Pearson recalled that since 2014 Mara Delta had acquired six properties in the country, with a value currently estimated at US$160 million.

Pearson said he was currently negotiating a loan package with lenders with a pay-off period of between seven and 10 years, to refinance debt contracted locally and to finance the planned purchases.

Mara Delta Property Holdings, formerly known as Delta Africa, was involved in the construction of the headquarters of mobile phone company Vodacom Mozambique and of the Anadarko Petroleum group in Maputo.

Listed on the Johannesburg and Mauritius stock exchanges, Mara Delta has a portfolio of real estate assets in Morocco, Zambia, Nigeria, Kenya and Mauritius.

Government of Mozambique wants all districts to have a bank

bank queue

Seventy new bank branches, one for each district in Mozambique, will start operating by 2019, to bring financial services to citizens, a government spokesman said on Tuesday in Maputo.

The spokesman and deputy health minister, Mouzinho Saide, said this process of opening banks in all the districts is part of a project called “One District, One Bank”.

Some 90% of the Mozambican population has no account at a formal financial institution and that formal credit is available to only 3% of the adult population, according to Mozambican daily newspaper Noticias.

Currently, only 78 of the 150 districts in Mozambique have a bank branch.

Government plans to merge Moçambique Cellular and Telecomunicações de Moçambique

Mozambican public telecoms companies Moçambique Cellular (MCel) and Telecomunicações de Moçambique (TDM) will be merged, in future, into a single entity, the spokesman for the Council of Ministers said on Tuesday in Maputo.

Mouzinho Saide, who is also deputy health minister, said that to move ahead with this decision the government decided to set up a commission to create necessary conditions for the merger of the two companies.

The new company “will be provided with technical, financial and human resources to respond to market requirements and will converge fixed and mobile voice services, data and Internet,” said Saide.

The spokesman said the Cabinet had not set a deadline for the commission to submit a report, but said it will work with the boards of the two companies and the Institute of State Shareholdings Management (Igepe) “to present a proposal that is feasible.”

Figures released in 2015, on the occasion of visits by Prime Minister Carlos Agostinho Rosario, showed that TDM alone needed US$500 million to overcome its financial crisis.

Source: macauhub

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