African Private Sector Assistance Fund grants $1 million to Nacala Corridor Business Linkage Technical Assistance Project, in Mozambique. African Private Sector Assistance Fund, with the collaboration of Private Sector Development Strategy of African Development Bank, grants funds to various sectors in order to provide technical assistance as well as capacity building.
To support the financial system and business environment of small and medium sized enterprises, FAPA has granted over $51 million to different sectors across Africa.
The aim of Nacala Project is to help small and medium sized enterprises in construction sector functioning in Nacala Corridor. The objective is to open new horizons and opportunities for SMEs to enable them to contribute to Nacala port and Nacala rail projects.
The grant aims at helping Nacala achieve economic growth over the coming years which is well in line with AfDB’s program.
The funds will be used to educate, train and properly mentor the representatives of the selected SMEs so that they could use their skills to promote their own business as well as to raise the standards and performance in the construction sector.
The aim is visionary as it attempts to build institutional capacity, improve skills and encourage the SMEs to think big in future and create a network which strengthens their capabilities, present their concerns to the government officials, manage the finances in an efficient manner and ultimately contribute to the overall economy.
It has been stated that the Nacala Corridor Business Linkage Technical Assistance Project will serve for the next three year and the investment will encourage the private SMEs to link with each other to achieve greater targets.