In the latest May 2023 report, the Rural Enterprises Financing Project (REFP) unveiled impressive achievements in promoting capacity building and business development in rural communities. With a total investment of USD 72.5 million from the International Fund for Agricultural Development (IFAD), the Government of Mozambique, the Private Sector, and Beneficiaries, the REFP has played a crucial role in transforming living conditions in rural households.
REFP’s Subcomponent 2.2, focused on Business Development Services, aims primarily to benefit rural entrepreneurs, especially in the agricultural and livestock sectors. So far, 622 beneficiaries have been trained in areas such as basic business management and business plan development to facilitate their funding applications in project partner financial institutions.
Strategic collaborations with organizations like BAGC and IPEME have been instrumental in providing specialized training and follow-up actions, seeking to enhance the performance of rural businesses. These initiatives aim not only to facilitate access to markets but also to improve the overall economic conditions of entrepreneurs in rural areas.
The REFP’s business incubation program also stands out, having provided support to 37 beneficiaries. This approach aims to create a conducive environment for the growth and consolidation of new rural enterprises, strengthening the economic fabric of communities.
With the expectation of the full operationalization of the credit line, the REFP plans to intensify its interventions in Subcomponent 2.2, recognizing it as an essential catalyst for the sustainable financing of rural enterprises. In response to growing demand, the project intends to hire an additional Business Development Services provider, solidifying its commitment to driving sustainable economic development in rural areas of the country. The REFP stands out as a transformative agent, investing in the prosperous future of Mozambican rural communities.