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Moza Banco, the proof that the Mozambican success is now a reality

Interview - November 28, 2012
Moza Banco was created four years ago. In this short space of time it has manage to placed itself as one of the main reference in the economy of Mozambique
PRAKASH RATILAL, CHAIRMAN OF MOZA BANCO
PRAKASH RATILAL | CHAIRMAN OF MOZA BANCO

What are the biggest challenges the bank is facing, and what has been their biggest achievement since it´s foundation?

Mr. Ratilal: We have a good partnership with the Group Espírito Santo, of Portugal, that is all over the world; by the end of this year we’ll open 23 new agencies, it means, every 15 days, we’ll open a new one, in the major province capital.
What distinguish us is our seriousness and our good results: our numbers are always correct – yearly, the Central Bak does an internal auditory to every banks in the national market.
In three years, we, MozaCapitais, wants to enter in the Stock Market– MozaCapitais is the group that integrates and ‘feeds’ MozaBanco -, we have the vision to create a insurance company, an investment bank and an imobilliary fund, we also have business that are not related with the financial already working and providing excellent results such as MozTel, the fastest internet in Mozambique at the moment.; We entered a contest for the cleaning of the Maputo city with the Spanish-Portuguese group Dragados and we’re working to create the Zambeze’s Financial Confederation (COFIZA), that within six months will be operational, and also, we bought actions of Hydrocarbons Mozambican Company CMH).

What has been the role of the private sector in the development of Mozambique´s economy and what is going to be it´s role from now on?

This is the first generation of Mozambicans of the private sector; it is very weak because the management competences are fragile and the capital was not strong enough due to its much recent historical accumulation, but the ambitions of this sector are much the same as the Europeans. We still have fragility in terms of education, capital accumulation and management capacity, this sector is not taking advantages yet of the natural resources and opportunities that this sector is creating. Back then, there were only seven economists – the first Faculty of Economy comes in 1970, four years before the General Peace Agreement -, today there must be around 800 managers and economists, but for the size of the country and for the volume of opportunities that’s have been coming, this number is small, we still have to get the know-how of the enterprise management, an ideal, formal and professional education, there are some cases but still very few.

They talk about 90 billion American dollars coming in the next 10 years for the mineral resources: mainly coal, but there are, also, iron, gold; infrastructures: two new Ports, two new railway station, etc; hydro potential – there are few places on Earth where we can find available water and land, Mozambique, Angola, Congo and Ghana, very few more -: the Zambeze valley is practically virgin and in the near future three new hydroelectric stations will be build in the Zambeze river, with four times more potencial than Cahora Bassa. Now that Mozambique is open to the world, is a player in the global economy and tries to make friends when, where and with whom is possible and doesn’t get involved in conflicts because we need everyone to develop this country.

Despite all, this fragility we have is something that will pass in time; this country started with a tax of illiteracy of 93% and now it has dropped to 41% - it does reflect quantity, not quality -, but the improvement is part of the business package as well as making partnerships. This combination may be the secret of a positive relation, not only with Germany but also with Portugal, Brazil, UK and all the countries that Mozambique is already talking with.

In the new world context, Africa is being the focus of agriculture for its lands, space, costs and there will be a shift in the USA, Europe and Japan to Africa; there are, already, big projects thought with Brazil, to form partnerships and the communities must be a part of this process.

This year, Mozambique will beat its own record, of all times, even the ones in the colonial period, of the sugar production, around 470 000tones and by the next year, will pass that number.
Summarizing, Mozambique has everything to go right; it will be known for its six new values: gas, coal, agro-forest, infra-structures, energy and tourism.

In one word, how would you define these concepts:

Challenge - Audacity,
Growth, - Results,
Mozambique  - Together

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