MOZAMBIQUE RECEIVES SUPPORT FROM WORLD BANK TO IMPROVE ACCESS AND QUALITY OF ITS FINANCIAL SERVICES
The World Bank's Executive Board approved on September 29 a credit of
25 million dollars in support of Financial Sector Development Strategy of the Government of Mozambique.The
Financial Sector Development Strategy of the Government of Mozambique aims to promote greater financial inclusion and market stability. This funding,according to a number of financial support to the sector is channeled through Operation Programmatic Financial Sector Policy Development,DPO, to strengthen financial stability,supporting the improvement of supervision and regulation of banks,network security, and preparing staff for crises.The operation also supports reforms to promote financial inclusion with a focus on credit information systems, banking without agency and mobile banking,consumer protection, payment and insolvency frameworks systems. In addition, the operation helps to promote financial markets in the long term by supporting reforms in capital markets, in particular the public debt markets, and to expand insurance
coverage and pension funds.
"For Mozambique to reach a broad-based growth with the private sector to contribute fully to generate employment, it is imperative to deal
with the ongoing challenges of access
to finance for businesses and families," said Mark R. Lundell, World Bank
Director for Mozambique. "This series of POD operations has three main
objectives:. Increase financial inclusion,
improve financial stability, and
strengthen financial markets in the long term in Mozambique" - he added.
Evidence indicates that when effectively regulated and supervised, financial services have the potential to stimulate economic growth, reduce income inequality, and help lift families out of poverty. "I am satisfied with the current implementation of this DPO series,which is fully aligned with the priorities of the government," said Mazen Bouri,the co-responsible for the project by the World Bank. "The Government of Mozambique recognizes the importance of developing financial services to
reduce poverty and improve the
business environment." "Indeed, a
number of reforms to improve the
financial services were started and
Sector Development Strategy Financial 2013 -2022, which received our support from the beginning, was adopted to provide a vision and a comprehensive
roadmap and comprehensive reforms in financial services, "said Yira Mascaro,
one of the co-responsible for the project by the World Bank.
This program is in line with the Partnership Strategy of the World Bank
Group Mozambique, 2012-2015, and
complements the Group's efforts in
achieving their goals of eradicating
extreme poverty and increase shared prosperity in the world
25 million dollars in support of Financial Sector Development Strategy of the Government of Mozambique.The
Financial Sector Development Strategy of the Government of Mozambique aims to promote greater financial inclusion and market stability. This funding,according to a number of financial support to the sector is channeled through Operation Programmatic Financial Sector Policy Development,DPO, to strengthen financial stability,supporting the improvement of supervision and regulation of banks,network security, and preparing staff for crises.The operation also supports reforms to promote financial inclusion with a focus on credit information systems, banking without agency and mobile banking,consumer protection, payment and insolvency frameworks systems. In addition, the operation helps to promote financial markets in the long term by supporting reforms in capital markets, in particular the public debt markets, and to expand insurance
coverage and pension funds.
"For Mozambique to reach a broad-based growth with the private sector to contribute fully to generate employment, it is imperative to deal
with the ongoing challenges of access
to finance for businesses and families," said Mark R. Lundell, World Bank
Director for Mozambique. "This series of POD operations has three main
objectives:. Increase financial inclusion,
improve financial stability, and
strengthen financial markets in the long term in Mozambique" - he added.
Evidence indicates that when effectively regulated and supervised, financial services have the potential to stimulate economic growth, reduce income inequality, and help lift families out of poverty. "I am satisfied with the current implementation of this DPO series,which is fully aligned with the priorities of the government," said Mazen Bouri,the co-responsible for the project by the World Bank. "The Government of Mozambique recognizes the importance of developing financial services to
reduce poverty and improve the
business environment." "Indeed, a
number of reforms to improve the
financial services were started and
Sector Development Strategy Financial 2013 -2022, which received our support from the beginning, was adopted to provide a vision and a comprehensive
roadmap and comprehensive reforms in financial services, "said Yira Mascaro,
one of the co-responsible for the project by the World Bank.
This program is in line with the Partnership Strategy of the World Bank
Group Mozambique, 2012-2015, and
complements the Group's efforts in
achieving their goals of eradicating
extreme poverty and increase shared prosperity in the world
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