Maputo, Mozambique, June 14, 2007 —
IFC, the private sector arm of the World Bank Group, today announced it
will provide a package of financial products and advisory services to Déjà
Vu Chocolat & Cafés, a Mozambican confectionary company. The project
aims to create jobs and reduce poverty in the country by supporting smaller
businesses. It is the third under the Mozambique SME Initiative, a donor-funded
program in partnership with the Government of Switzerland and Finland.
IFC will provide the local currency equivalent of $280,000 in risk capital
financing and $80,000 worth of advisory services to the company. Déjà Vu
Chocolat will use the assistance to automate its labor intensive operations
so that it can increase production volumes and take advantage of growing
local demand. The company’s 22 employees of which 19 are women will all
be trained on the new automated systems.
“Small businesses account for a substantial portion of economic activity
in Mozambique, and supporting them is a central part of IFC’s strategy
to promote development,” said Thierry Tannoh, IFC’s Director for Sub-Saharan
Africa. “The Mozambique SME Initiative demonstrates IFC’s emphasis on
finding creative solutions that increase access to finance and advisory
support for SMEs in Africa.”
Déjà Vu Chocolat is a family-owned company launched in 2002 to provide
locally-made quality chocolate products to the domestic market at a lower
price than imports.
Managed from IFC’s Maputo office, the Mozambique SME Initiative is a $12
million IFC pilot program supported by the Swiss and Finnish governments.
It provides financing and advisory services to small and medium companies
in Mozambique with the aim of creating a more viable private sector and
attracting investors to the country’s small business sector. For more
information on the program, please visit ifc.org/ifcext/africa.nsf/Content/Mozambique_SME_Initiative.
IFC, the private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports sustainable
private sector companies and other partners in generating productive jobs
and delivering basic services, so that people have opportunities to escape
poverty and improve their lives. Through FY06, IFC Financial Products has
committed more than $56 billion in funding for private sector investments
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. IFC Advisory Services and donor partners have
provided more than $1 billion in program support to build small enterprises,
to accelerate private participation in infrastructure, to improve the business
enabling environment, to increase access to finance, and to strengthen
environmental and social sustainability. For more information, please visit