President Chapo Celebrates Gapi-SI’s Impact on Mozambique’s Development
During Gapi-SI’s 35th anniversary, President Daniel Chapo underscored its vital contributions to Mozambique’s economic development, particularly in fostering financial inclusion and job creation for youth. He detailed Gapi’s recent achievements, including 1.4 billion meticais in loan disbursements and collaborative efforts to secure international funding. Chapo reaffirmed the government’s commitment to support initiatives enhancing youth employability and economic growth.
Daniel Chapo, the President of Mozambique, emphasized the critical role of Gapi-SI during its 35th anniversary celebrated in Maputo. He noted Gapi-SI’s contributions to socioeconomic development, financial inclusion, and job creation, particularly for the youth of Mozambique. Chapo remarked, “This is a special moment, because as we celebrate Gapi’s 35th anniversary, we reinforce our commitment to creating more employment opportunities, especially for young people…”.
Established by the government in 1989, Gapi-SI has become a key player in fostering economic and social growth. From 2020 to 2024, Gapi-SI has disbursed 1.4 billion meticais in loans, aiding 2,642 micro, small, and medium-sized enterprises while creating approximately 8,753 jobs, thus underscoring the necessity of sustained investment in growth and access to finance.
The event included discussions on Gapi and the government’s collaboration to secure international funding for key sectors. Chapo highlighted a significant donation from the African Development Fund in 2000 that revitalized the cashew industry and a $100,000 credit line for post-flood economic recovery. He also referenced resources mobilized from the World Bank between 2002 and 2004, which supported the reintegration of around 12,000 workers from the restructuring of Caminhos-de-Ferro de Moçambique.
Chapo presented the Economic Reconstruction Fund and the Mutual Guarantee Fund, aimed at facilitating credit access and minimizing financial risks for small and medium-sized enterprises. Impressively, 83 percent of Mozambique’s 154 districts have bank branches, with 92 percent featuring electronic currency agents, highlighting significant strides in financial inclusion.
A notable initiative spotlighted was INCUBOX, developed by Gapi technicians and supported by the European Union. This project seeks to bolster youth entrepreneurship in Niassa, Cabo Delgado, and Nampula by utilizing mobile containers as incubators for training, technical assistance, and financing for startups. Chapo asserted, “Young entrepreneurship needs support and real opportunities…”.
In conclusion, President Chapo reaffirmed the government’s dedication to initiatives that strengthen the economy and combat inequality. He articulated, “Youth employability is not just an economic issue, but also a social one. The future starts now, and it needs to be built by all of us.”
In summary, President Daniel Chapo lauded Gapi-SI’s impactful role in fostering economic growth, financial inclusion, and youth employment during its 35th anniversary. He emphasized the importance of investment in key initiatives for sustainable development and affirmed the government’s commitment to supporting projects that enhance economic opportunities for young people. The concerted effort between Gapi, the government, and international resources highlights a promising pathway for the nation’s socioeconomic advancement.
Original Source: clubofmozambique.com
