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PME, mozambique
By providing a guarantee to small and medium-sized women-owned enterprises, AFD supports their investments, therefore contributing to Mozambique's economic development.

Only 30% of the Mozambican population had access to formal financial services in 2014, the lowest level in the region. Access to credit remains particularly difficult (only 6% obtain credit from a formal financial institution), especially for small and medium-sized enterprises (SMEs), which are poorly served by commercial banks and microfinance institutions (MFIs).

The bankable SME base remains to be developed, but the banking sector is also slowing down the growth of this sector with collateral requirements. More than 75% of SMEs do not have access to credit from a formal financial institution because the segment is considered too risky, if not ineligible.

The aim of the ARIZ guarantee is to remove these barriers for SMEs by reducing collateral requirements via a credit risk sharing mechanism with financial institutions (banks or MFIs).


AFD granted Banco Commercial e de Investimentos (BCI) a USD 2 million portfolio guarantee (ARIZ Guarantee) attached to the women-owned SME credit line. The guarantee covers the following loans of an amount in local currency equivalent to EUR 10,000 to EUR 300,000, with a maturity of 1 to 5 years. The loans are granted to purchase and/or create depreciable asset(s) and exclude the financing of certain sectors such as gambling, alcohol or tobacco production.

The ARIZ guarantee covers up to 50% of the amount of each loan. This is a so-called last resort guarantee, intended to cover the bank's risk of final loss, that is to say after all collection attempts have been made. In case of loan default and upon request from the bank, a partial advance shall nevertheless be paid.


This project will enable BCI to:

  • Increase its loans portfolio to SMEs, especially women-owned SMEs, by facilitating access to medium-term financing (maturity up to 5 years);
  • Diversify its loan portfolio, both in terms of sectors and geographical distribution.
Project start date
Project end date
2 years
Duration of funding
Financing tool
2 000 000
USD soit
1 639 344
Financing amount
Banco Commercial e de Investimentos (BCI)