FinAgro Impact Report

Funded by Implemented by
TABLE OF CONTENTS
Executive Summary 3
I. Introduction To Finagro 4
A. Target Audience And Focus 4
B. Investment Geography 5
C. Snapshot Of Investees 5
1. Size Of Business & Type Of Organization 6
2. Activities 7
3. Crops Cultivated 8
4. Investees’ Gender 9
5. Investees’ Nationality 9
II. Program Impact 10
A. Impact On Bankability Of SMEs 10
1. Increased Investment 10
A) Types Of Investments 12
B) Technical Assistance 13
C) Private Investment Mobilized 14
D) Third Party Private Capital 15
2. Legal Compliance 17
3. Ready Business Plans 17
4. Partnerships With Financial Institutions 18
B. Impact On Revenues And Productivity Of Investees 19
1. Revenues 19
A) Projections For All Investees 19
B) Results For Cohort Of 22 Investees 19
C) Impact For 12 Businesses With Positive Growth 21
1) Farm Gate Sales 21
2) International Exports 22
2. Productivity 23
A) Projections For All Investees 23
B) Results For Cohort Of 22 Investees 25
C) Impact For 12 Businesses With Positive Growth 26
1) Crop Production 26
2) Mechanization Services 27
3. Jobs Created 27
A) Projections For All Investees 27
B) Results For Cohort Of 22 Investees 28
C) Impact For 12 Businesses With Positive Growth 29
III. Outlook And Future Perspectives 30
A. A Vetted Portfolio Of 238 Agribusiness SMEs Ready For Further Growth 30
B. Technical Assistance 31
IV. Structure & Process 32

ANNEXES:
Annex 1: 78 Investees 34
Annex 2: 33 Agribusiness SMEs Approved But Requiring Access To Capital 36
Annex 3: 127 Agribusiness SMEs Requiring Technical Assistance For Further Growth 37

FinAgro Impact Report 2

EXECUTIVE SUMMARY
The FinAgro Agribusiness Fund aimed to achieve increased investment and competitiveness of
small and medium enterprises (SMEs1) in selected agribusiness value chains – it did this through a
selective investment and matching grants program. Strengthening and growing the agribusinesses
through fixed asset investments and balance sheet reinforcement is expected to result in more
bankable enterprises and broader access to long-term private capital, which promotes SMEs’
ability to expand and grow and become more productive and profitable.

In addition to the direct impact FinAgro will have
on the 78 businesses it invested in during the life
of the program, FinAgro identified and prepared
a large number of Mozambican agribusinesses
for additional investment and growth. Through the
selection process of its 78 investees, it vetted a
group of 238 businesses that were legally operating
and now have a business plan ready to present
to investors. Identifying a group of businesses for
future capacity building was an important result of
the program.
This report provides a description of the FinAgro
program, a snapshot of the selected investees,
an impact overview, a look at the potential
opportunities for further investment, and an
overview of the vetting process used to select the
portfolio of investees.

1
SMEs comprise companies with annual revenues less than 30,000,000 MZN and/or less than 100 full time employees.

FinAgro Impact Report 3

I. INTRODUCTION TO FINAGRO
FinAgro was financed by the United States Agency for International Development (USAID) and
the Government of Mozambique and was implemented by TechnoServe and the Mozambican
parastatal Agência de Desenvolvimento do Vale do Zambeze (ADVZ). The project aimed to
increase investment in and the competitiveness of the Mozambican private sector in selected
cash crops and food value chains. The investments were focused on agribusinesses operating in
the center and north of Mozambique.

FinAgro worked with investees on two main
vectors to improve companies’ productivity:
i) increase bankability through balance sheet
strengthening; and
ii) increase competitiveness through improved
operations and broader access to modern
technologies and technical assistance.
based on crops that at the time received technical
assistance; were located within the project
locations; or met USAID’s Feed the Future strategy.
Geographically, investees’ operations had to be
located in one of the three zones of influence,
being the Beira Corridor, Nacala Corridor and the
Zambeze Valley.

To support both vectors, FinAgro established a

grant facility of about 160 million MZN (US$ 3.2 FinAgro invested about
million) to be invested over a period of four years.
The fund was deployed in 78 investments in the 155 million MZN (US$ 3.2
form of in-kind matching grants (procurement of
fixed assets for the investees), with a maximum million) in 78 companies
individual grant size of 3,200,000 MZN and
investees’ contribution of at least 30 percent of over a period of four years.
FinAgro’s investment.

The program launched three grant application

windows. All had a two-stage process to select
applicants, which were then presented to a
selection committee for approval prior to final
asset procurement. General eligibility criteria for
applicants included legal and fiscal registration, a
minimum of one year of operations, and operations
in one of the pre-determined value chains.
Candidates had to operate within the Beira and
Nacala corridors or the Zambeze Valley.

The program had a secondary goal to build the

capacity of ADVZ, which intends to continue with
other matching grants programs in the Zambeze
Valley post FinAgro. With TechnoServe’s help it
adopted a grants manual to assist it in continuing
with similar programs, and ADVZ staff was part of
the TechnoServe operations team during FinAgro’s
program implementation.

A. TARGET AUDIENCE AND FOCUS

FinAgro’s target investees were SMEs, farmer
associations and farmer cooperatives, especially
those that were women-led or those which had
partnerships with smallholder farmers. All investees
were expected to receive some form of technical
assistance to ensure management support and
positive results from the investments.

The program focused on specific value chains:

tropical fruits, oilseeds, pulses, cashews, and
other food crops. These value chains were chosen

FinAgro Impact Report 4

B. INVESTMENT GEOGRAPHY

C. SNAPSHOT OF INVESTEES
This section analyses 77 financed investees in the
three application windows. The investment portfolio Of the 77 investments,
comprises 21 investments for Window I, 26 for
Window II, and 30 investments for Window III. 25 percent were Micro
In addition, FinAgro financed one larger Enterprises and 56
agribusiness in the Nacala Corridor: A grant was
awarded to Matanuska banana farm to mitigate percent Small Early Stage
the effects of Panama Disease by co-financing the
import of disease-resistant seedlings. companies. 67.5 percent
The information in the sections below excludes were involved in primary
the Matanuska grant, i.e. will focus on the
characteristics of the 77 SME investments. production, 6.5 percent in
processing, and 26 percent
in commercialization.”

FinAgro Impact Report 5

1. Size of Business & Type
of Organization
Small Early Stage SMEs2 were (not intentionally)
the primary group of investees, representing 56
percent of the total portfolio, followed by Micro
Enterprises with a weight of 25 percent. Graph 1
illustrates the 77 beneficiaries classified by size.
Graph 2 divides FinAgro’s investees by types of
business: Most investees were sole proprietorships,
followed by private limited companies. This is a
reflection of the rural agribusiness environment in
Mozambique.

Graph 1 - Investees' Business Size Graph 2 - Investees' Types

of Businesses
3
7
12

30
43

19 40

Total Association Limited Company

Sole Proprietorship
Micro Small Early Stage
Small Growing Stage Medium

2
Business size classification was determined based on annual revenues (and converted at an exchange rate of MT45/1USD), as follows: Micro ≤
450,000 MZN ($10,000); Small Early Stage ≤ 4,500,000 MZN ($100,000); Small Growing Stage ≤ 22,500,000 MZN ($500,000); Medium ≤ 90,000,000
MZN ($2,000,000).

FinAgro Impact Report 6

2. Activities
Of FinAgro financed enterprises, 71 percent were
involved in agricultural production, 27 percent
in commercialization (as the main activity), and
7 percent of the portfolio was involved primarily
in processing. Several investees were involved
in more than one activity. Processing is usually
undertaken by larger scale companies and is mostly
focused on primary processing, such as cleaning
and shelling of grains and seed related processing
for agricultural input production. See Graph 3.
90 percent of the investees were involved in primary
agriculture (as opposed to the inputs or livestock
– see Graph 4). Graph 5 shows that smaller
entrepreneurs were involved in production and
commercialization, while larger ones focused on
processing. Small Growing Stage companies were
divided mostly in production and commercialization
activities.

Graph 3 - Investees' Activities Graph 4 - Investees' Sector

20 5%
1%
4% 72%
9%

9%
5

52

Commercialization Processing Production Agriculture Livestock

Agricultural Inputs Other
Agricultural Services Poultry

Graph 5 - Size of the Investees Graph 6 -

and Their Activities
100%
90%
80%
70% 11 7
60% 2
34
50%
40% 1
2
30%
20%
6 4 1
10% 9
0%
Micro Small Early Small Growing Medium
Stage Stage

Commercialization Processing Production

FinAgro Impact Report 7

3. Crops Cultivated
The following graphs illustrate in which value chains
FinAgro investees are operating. The figures come
from data provided in the investees’ application
forms, and correspond to crops cultivated before
receipt of the grant.
Graph 7 shows the distribution of investees for
the different value chains. SMEs focused mainly
on oilseed and cereal production, representing 64
percent of the total crops cultivated.

Graph 7 - # Investees Operating in Specific Value Chains

47

42
TROPICAL FRUITS
22

12

3 OILSEEDS

2
CASHEW NUTS
0 5 10 15 20 25 30 35 40 45 50

Cereal (34%) 8,505 ton Fruit and Nut (6%) 1,874 ton
Oilseed (30%) 3,066 ton Root (2%) 981 ton PULSES

Pulses (16%) 491 ton Sugar Crop (1%) 504 ton

Vegetables and Melons (9%) 923 ton Other (1%) 3 ton

Note: There are 77 investees, however each one operates on average in two different value chains OTHER FOOD CROPS

Graph 8 illustrates the number of investees in the

top five crops, while Graph 9 provides the total
volume produced for the top five crops. Maize
was produced by 57 percent of investees, while
representing 52 percent of the production volume.

Graph 9 - Investees' Demand

Graph 8 - # of Investees Operating Volume in Tons for
in Top 5 Cultivated Crops Top 5 Cultivated Crops
12 951
1,018
12
1,796
21
1,969

22

8,183

44

Maize Sesame Soy Maize Soy Banana

Vegetables Bean Sesame Potato

Note: There are 77 investees, however each one operates

on average in two different value chains

FinAgro Impact Report 8

4. Investees’ Gender
The project aimed to finance 20% women-owned
business (where a woman owns 51 percent or
more shares). As seen in Graph 10, 21 percent of
FinAgro’s investees were women-owned.
The target was exceeded by 1 percent, with a total
of 16 investments in women-owned businesses out
of the total 77.
Graph 11 highlights that women tend to own small
scale businesses.

Graph 10 - Investees' Gender Graph 11 - Gender and Business Size

21% 100%
90%
80%
70% 11
79% 60% 36
50% 11
3
40%
30%
20% 8
10% 7
0% 1
Micro Small Early Small Growing Medium
Stage Stage
Female Male
Female Male

5. Investees’ Nationality
The nationality of the business was defined as the
nationality of the majority shareholder – 51 percent
or more. As shown in Graph 12, 90 percent of the
total portfolio was owned by Mozambican nationals,
corresponding to 69 businesses out of the total
77 financed.

Graph 12 - Investees' Nationality

951 10%
1,018

90%

Foreign National

FinAgro Impact Report 9

II. PROGRAM IMPACT
By investing in SMEs through a matching grants facility, the program has helped strengthen
investees’ balance sheets for future bankability.

Investees were required to demonstrate legal

and fiscal statutory documents to ensure their
compliance with local legislation. Investees were
further required to submit a solid business plan to
analyze the strength and viability of their business
and to increase their bankability going forward.
Partnerships with local financial institutions were
established to leverage the grant funding for
additional capital.

A. IMPACT ON BANKABILITY OF SMEs

1. Increased Investment
The following graphs show FinAgro’s investments
per window and region. Throughout the four years
of operations, FinAgro disbursed about 142 million
MZN in 77 investment projects as well as about
10.5 million MZN to Matanuska.

Graph 13 - Total Investment Graph 14 - Total Grant Disbursed

Disbursed in MZN per FinAgro Region
in MZN
160,000,000 160,000,000

140,000,000 140,000,000
54,069,307 51,124,679
120,000,000 (30 investees) 120,000,000 (28 investees)

100,000,000 100,000,000

80,000,000 80,000,000 40,813,463

47,516,396
(19 investees)
60,000,000 (26 investees) 60,000,000

40,000,000 40,000,000
50,028,774
40,381,212
20,000,000 20,000,000 (30 investees)
(21 investees)

0 0
Total Grant Disbursed
Window 1 Window 2 Window 3
Beira Nacala Zambeze
Corridor Corridor Valley

FinAgro Impact Report 10

There was a relatively equal distribution of funding
in the three regions. However, the Nacala Corridor
fell behind the other two regions in terms of number
of projects. This was due to the combination of two
factors: project application quality and access to
finance for the cash match.
Within the three regions, Nacala projects generally
had lower quality, and therefore less projects were
presented to the selection committee. Sixteen
projects were approved but eventually cancelled
due to lack of cash match availability.

Graph 15 - Approval Rate Graph 16 - Cancelation Rate

92% (45/49) 41% (13/32)

38% (17/45)

86% (32/37)

83% (33/40)

9% (3/33)

BIERA NACALA ZAMBEZE BIERA NACALA ZAMBEZE

CORRIDOR CORRIDOR VALLEY CORRIDOR CORRIDOR VALLEY

The volume of fund disbursements (MZN) was
relatively even between the regions when compared
to the number of investment projects because the
average individual project investment was higher
in the Nacala Corridor, as shown in Graph 17.
Graph 18 shows the average project investment
per the size of the businesses. As expected, larger
businesses had more capacity for investment (more
cash match availability) and applied to FinAgro with
larger investment projects.

Graph 17 - Average Investment Graph 18 - Average Investment

per FinAgro Region per Size of Business
in MZN in MZN
2,877,097 3,652,335

2,429,054 2,232,514

2,728,467
2,502,951

2,017,271

ZAMBEZE NACALA BIERA MEDIUM SMALL SMALL MICRO

VALLEY CORRIDOR CORRIDOR GROWING EARLY
STAGE STAGE

FinAgro Impact Report 11

a) Types of Investments
The graphs below illustrate the number of
enterprises per type of equipment. Most investees
requested production (tractor and implements such
as ploughs and graders) and transportation
equipment (trucks and trailers used for
commercialization). In all, 16 investees received
processing equipment, mainly oil and seed
processing machines and maize mills.

Graph 19 - Number of Enterprises Graph 20 - Total Grants Value (in MZN)

Receiving Equipment Disbursed per Type
per Type of Equipment of Equipment

100% 100% 201,437

9 6,924,835
90% 5 90% 7,800,745
3
10,047,224
9
80% 80%
9,749,391
16
70% 70%

60% 60% 39,623,598

50% 43 50%

40% 40%

30% 30%
62,227,130
20% 20%
46

10% 10%

0% 0%
Total Total
Other Other

Energy Related Equipment and Infrastructure Energy Related Equipment and Infrastructure

Construction Construction

Irrigation Equipment Irrigation Equipment

Processing Equipment Processing Equipment

Transport Equipment Transport Equipment

Production Equipment Production Equipment

“The bank has a technical assistance area. Therefore, if the customer does not
have external technical assistance, the bank gives it as part of the package.
External intervention is essential, because the beneficiaries’ knowledge is
deficient.”

“O banco tem uma área de assistência técnica. Portanto, se o cliente não tiver
assistência técnica externa, o banco dá - faz parte do pacote. A intervenção
externa é essencial, porque o conhecimento dos beneficiários é deficiente.”

By Aurora Malene - Investment Director at GAPI

FinAgro Impact Report 12


“Technical Assistance is a
requirement because of the
credit leveraged with agricultural
equipment. It is important to have
some company supporting and
giving training and follow up, to
guarantee that the equipment will
be well used.”
“Assistência Técnica um requisito
por causa do crédito alavancado
com equipamento agrícola. É
importante ter alguma empresa
por trás que dê formação e
acompanhamento, é uma garantia
de que o equipamento será
bem utilizado.”
By José de Sousa Pinto – BCI Lead
Agricultural Expert
b) Technical Assistance
The project intended to support companies with
technical assistance, either at time of disbursement
or in the future. This was a requirement for
applicants and was highly scored by FinAgro, as it
was deemed to enhance the investment made in
each enterprise. Technical assistance incorporates
equipment maintenance, training and feasibility
studies.
Technical assistance was also highly valued by
financial institutions. BTM (Banco Terra), GAPI
and BCI all considered the provision of technical
assistance for SMEs operating in the agribusiness
sector a mandatory requirement for obtaining
finance.
Of all FinAgro’s investees, 37 purchased a
maintenance plan for production equipment (48
percent of investees). All 44 investees receiving a
tractor had on-site training for equipment operation
and handling. FinAgro also financed one feasibility
study for cashew juice production.
Graph 21 - Investees Receiving
Technical Assistance (%)
60%
50%
40%
30%
20%
10%
0%
Maintenance On-site Feasibility
Training Studies
FinAgro Impact Report 13
 “The program creates conditions for
farmers to access credit.”

“O programa cria condições para

agricultores terem acesso
a crédito.”

By Eugenio Uachave – Millennium BIM Director

of Specialized Credit

c) Private Investment Mobilized

FinAgro required a 30 percent cash match
Graph 22 - Total Cash Match
contribution to the total grant financed. The
maximum grant amount was 2,600,000 MZN until per FinAgro Region
September 2015 and 3,200,000 MZN for all grants 60,000,000 MZN
after that date. FinAgro raised 47,714,750 MZN in
cash matches, as illustrated in the graphs below. 50,000,000 MZN

FinAgro raised 34 percent of the value of the 16,888,822 42,590,075 MZN

40,000,000 MZN
grants disbursed in cash matches, exceeding the (35%)
target by 4 percent. Some individual grant limits
30,000,000 MZN
were exceeded and therefore the cash matches 13,851,263
were higher. 2 (29%)
20,000,000 MZN

Investment in equipment directly strengthened

10,000,000 MZN 16,974,665
balance sheets by increasing the value of assets
of each company. It is expected that the (36%)
investments will positively impact SMEs’ bankability 0

with third parties in the future, as apart from Beira Nacala Zambeze
stronger balance sheets these companies now also Corridor Corridor Valley
have collateral. Banks now have a reference group
for future loans, as having been vetted by FinAgro
provides confidence of a minimum standard of
quality that can be used to leverage relationships
with financial institutions.

“These clients in general are not customers with good bank evaluation. However,
receiving grants increases trust as it allows them to have assets used as
collateral.”

“Esses clientes em geral não são clientes com boa avaliação do banco. No
entanto, o fato de receberem as subvenções aumenta a confiança pois permite
que possuem ativos usados como garantia.”

By Eugenio Uachave – Millennium BIM Director of Specialized Credit

FinAgro Impact Report 14

d) Third Party Private Capital
Ten percent of FinAgro’s investees were expected
to receive additional finance from a financial
institution. The value of this third party finance was
expected to represent at least 5 percent of the total
grants disbursed.
FinAgro exceeded both targets, as can be seen in
the graphs below. A total of 35 investees, or 45%,
received a total amount of 28,520,991 MZN from
financial institutions (20% of total FinAgro funding).
The following graph illustrates the number of
investees that accessed credit in each FinAgro
region: 40 percent in the Beira Corridor, 43 percent
in the Zambeze Valley, and 17 percent in the
Nacala Corridor.

Graph 23 - % of Investees Obtaining Graph 24 - Third Party Private

Bank Finance Capital Raised
50% 25%

45%
20%
40%
35%
15%
30% 21,422,644 MZN
27 Investees
25% (20% above target)
(35% above target) 10%
2
20%
15% 5%
7,098,345 MZN
10%
(5% target)
5% 8 Investees 0%
(10% target)
0% Achieved Target

Target Achieved

Graph 25 - Bank Finance Raised

by FinAgro Region
100%
90%
80% 9,947,037 MZN
14 Investees (40%)
70%
60%
8,871,721 MZN
50%
6 Investees (17%)
40%
2
30%
20% 9,702,233 MZN
10% 15 Investees (43%)
0%
Beira Nacala Zambeze
Corridor Corridor Valley

FinAgro Impact Report 15

 Bank financing was raised by investees for both
cash match contributions and for working capital.
The distribution of the credit can been seen below.

As seen in Graph 28, 56 percent of all female

investees accessed credit, against 43 percent of all
male investees. While more women accessed credit
than men, on average, lending for women was only
about 66 percent of the average lending for men.

Graph 26 - Third Party Private Capital

Raised By Type of Asset
“The bank never encountered
problems in financing women. 30 000 000

Women entrepreneurs are rarer 25 000 000 7,911,502

for cultural and traditional reasons. 20 000 000

In general, women deal better 15 000 000

with financing, since they are 10 000 000 20,609,489

5 000 000
traditionally traders.”
-
By Wigle Vondeling – Banco Terra Cash Match - Investment

Head of Agribusiness Working Capital

Graph 27 - Average Credit Size

by Gender in MZN

893,589

587,519

Female Male

Graph 28 - Investees Accessing

Finance by Gender
in Percentage

56%
(9/16)
43%
(26/61)

Female Male

FinAgro Impact Report 16

2. Legal Compliance
It was important for FinAgro to work with enterprises Graph 29 - # of Registered SMEs
operating in the formal market and to incentivize by Window
firms with informal status to become compliant.
FinAgro believes this will push farmers to become Window 1 Window 2 Window 3
more commercially focused. Candidates were
required to present proof of legal and physical
registration during the application process by
submitting legal and fiscal registration documents, 153 125
a business license and a DUAT (Direito de Uso e (57%) (25%)
Aproveitamento da Terra)3.

As the graph illustrates, in terms of number of

legally and physically registered businesses, 2 70 2 67
applicants tended to become more compliant (31%) (31%)
with each application window. The second graph
illustrates the number of legally registered SMEs 47 45
(40%) (44%)
by region. As the graph shows, the Beira Corridor
had the highest number of compliant businesses, Legally Registered Physically Registered
followed by the Nacala Corridor and lastly the
Zambeze Valley.

In total, there were 270 legally registered and Graph 30 - # of Registered SMEs
237 physically registered companies out of 447 by FinAgro Region
applications to the FinAgro program.
Beira Corridor Nacala Corridor Zambeze Valley
3. Ready Business Plans
78 60
Stage 2 of FinAgro’s application process required
(29%) (25%)
the presentation of a business plan to support
project presentation and evaluation – this included
both a narrative and financial projections. A total 83 73
of 238 business plans were presented, a total of (31%) (31%)
235 during the three program windows and three
during the Pilot Window at the beginning of the 2 2
project. A business with a ready business plan can 109 104
more easily raise third party finance, as it is a pre- (40%) (44%)
requisite for most banks.

As Graph 31 illustrates, the third window for grant Legally Registered Physically Registered
applications had a significantly larger number of
business plans presented – more than double the
other two windows combined. Graph 32 illustrates
the number of business plans presented by region.

Graph 31 - # Business Plans Graph 32 - # Business Plans

by Window by Finagro Region

73 Business Plans
(31%)
127 Business Plans
(53%)
69 Business Plans
(29%)
2 48 Business Plans 2
(20%)
93 Business Plans
60 Business Plans (39%)
(25%)

Window 1 Window 2 Window 3 Beira Nacala Zambeze

3
Right of Land Use is the right that singular or collective persons and local communities acquire over the land for a period of 50 years (renewable every
50 years). In Mozambique, all land is the property of the state and cannot be sold, mortgaged or pledged to anyone.

FinAgro Impact Report 17

4. Partnerships with Financial Institutions
FinAgro intended to forge and improve relationships
between the financial sector and small to medium
sized agribusinesses in Mozambique to ensure a
sustainable source of growth capital post FinAgro.
In order to make banks more sensitive to the
agricultural sector, FinAgro worked with financial
institutions to build awareness of the business
conditions and opportunities in agriculture. It
also provided market and general value chain
information, which enabled a more informed and
detailed risk assessment. The four main financial
institutions that collaborated with FinAgro were
GAPI, Millennium BIM, BCI and Banco Terra.

At the outset, the program made sure that the basic
eligibility criteria mirror the minimum requirements
a bank would have, so as to prepare the SMEs
for relationships with financial institutions. The
program wanted to support as many investees
in their credit application process as possible by
creating favorable conditions for SMEs to leverage
the grants for bank finance, by building banks’ trust
in these SMEs and by facilitating communication
between the parties. For example, ownership of
the assets financed was transferred to the SMEs
at the outset, which allowed them to pledge the
assets to the financial institution to meet collateral
requirements. FinAgro created awareness around
the program and its application process to get
buy-in from banks. Banks participated in program
promotion workshops, which enabled them to
communicate clearly how SMEs in the agribusiness
sector could fulfill requirements for access to credit.
The main value for banks was that this ‘ blended
finance’ approach, i.e. the leveraging of grant
funding for credit, significantly decreased credit risk
and enabled banks to invest in a customer segment
they previously weren’t able to do business with.
For investees, the combination of grants and credit
defrayed the cost of traditional credit and enabled
access to collateral previously not available.
“FinAgro advances the bank’s
business in rural areas and helps us
grow our database of clients. In the
future we would like to see greater
communication with the banks
prior to determining the program
requirements.”
“O FinaAgro alavanca os negócios
do banco nas zonas rurais e permite
a ampliação da base de clientes.
Futuramente, gostaríamos de ver
uma maior articulação com os
bancos antes de se determinar
quais serão as condições do
programa.”
By Eugenio Uachave – Millennium BIM
Director of Specialized Credit

FinAgro Impact Report 18

B. IMPACT ON REVENUES AND
PRODUCTIVITY OF INVESTEES
1. Revenues
a) Projections for All Investees
Graph 33 illustrates the baseline and target SADC region. One full agricultural season after
revenues for all 77 financed investees4. Regional disbursement of the FinAgro investment, overall
exports represent sales to the Southern African revenues are projected to increase by 65 percent
Development Community (SADC); international for international exports, 7 percent for regional
exports represent sales to countries other than the exports and 65 percent for farm gate sales.

Graph 33 - Baseline and Target Revenue for All Financed Investees in MZN

Farm
Gate Sales 253,685,615

65%
418,426,814

International 18,458,000

65%
Export 30,490,450

Regional 1,200,657
Export

7%
1,288,320

Baseline Target

b) Results for Cohort of 22 Investees

To analyze FinAgro’s impact we evaluated a cohort of the grant. The analysis compares actual data
of 22 investees from windows 1 and 2 that had collected on site visits and baseline data collected
completed one full agricultural season after receipt in the application process.

Graph 34 - Baseline Revenue, Expected and Real Revenue after One Full
Agricultural Season for 22 investees

34% 187%
17,978,000
International
24,175,450
Export
51,642,480

41% -2%
104,373,125

Farm 146,736,480
Gate Sales
102,752,082

0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000

Baseline Target Actuals

4
To be in line with USAID reported data, sales volume coming from non-agricultural products/services were not included (i.e poultry, livestock sales).

FinAgro Impact Report 19

 Farm Gate Sales

International Export

The graphs below show the variance in percentage

of the revenues between baseline and actuals.5
Overall, 12 out of the 22 companies increased
their revenue, while 10 companies decreased their
revenue.

Graph 35 - % Growth in Revenues for 22 Investees

1200%

1071%
1000%

800%
526%

600%

400%
248%
198%
133%

130%

200%
86%

56%

42%
17%

28%
2%

0%
-4%
-14%

-100%

-20%
-31%

-91%

-42%
-69%
-86%

-89%

-200%
IM 1

IM 5

IM 6

IM 7

IM 1

IM 14
W 041

IM 4

IM 8

IM 6

IM 7

IM 3
IM 0
W 101

IIC 06

IIM 3

IIM 4

IIM 7

IIM 8
IIM 65

IIN 8
04
W 01
W 00

W 00

W 00

W 00

W 04

W 04

W 05

W 07

W 08
W 10

W 00

W 00

W E00

W 04

W 06
E0

W E1

W E0

P0
E
C

E
E

E
IM

IM
IP
W

Reasons for the decreases in revenue declared

by investees included:

• Economy: The Mozambican economic crisis • Political conflict: Political tension between
impacted all businesses in Mozambique. The Mozambique’s main political parties since 2014,
currency devalued by more than 100 percent resulting in blockage of access to roads and
over the course of the program, which meant targeting of vehicles and property in particular
increases in costs of all investments and areas of the country, severely affected the
operational costs. operations of some of the investees.

• Weather: The agricultural season of 2015/2016 An analysis of these factors could however not
was hugely affected by El Nino and the resulting determine a strong correlation between these
drought across all of Southern Africa. external factors and growth in revenues. The
capacity of investees to deal with the adverse
business climate seemed in most cases to be more
important than the actual factors themselves.

5
Last agricultural season (2015/2016). .

FinAgro Impact Report 20

a) Impact for 12 Businesses with
Positive Growth
We assumed that the reasons for negative
growth could not be associated with the FinAgro
investment and hence excluded those with negative
growth from further analysis, leaving a cohort of 12
businesses for detailed evaluation. Impact figures
discussed below focus on the cohort of the 12
businesses with positive growth in revenues.
For the cohort of 12 businesses, revenues grew
by 67,501,457 MZN, with an average growth of
5,625,121 MZN or 211%.
TechnoServe’s policy is to assume a 50 percent
attribution rate to evaluate the impact of its project
intervention on the results of a given project: Based
on this assumption, we believe the FinAgro program
had an impact of 33,750,728 MZN, or 106% of
revenue growth, on the total growth of the portfolio.

Graph 36 below shows that of the 12 businesses,

two have increased revenues to be considered
a ‘medium’ business, and there are no ‘micro’
businesses left in that group.

Graph 36 - Business Evolution

for 12 Investees with
Revenue Growth

7 7

4
3
2
1
0 0
Baseline Actuals

Micro Small Early Stage

Small Growing Stage Medium

1) Farm Gate Sales

The following graph shows the targets and actual
increase in farm gate sales in respect of the above
mentioned cohort of 12 investees. As shown in
the graph, an overall increase of 38 percent was
expected, while the actual increase in revenues was
109 percent.

Graph 37 - Farm Gate Sales in MZN

109%

38%
129 617 373
85 924 830
62 115 917

Baseline Target Actuals

FinAgro Impact Report 21

Graph 38 shows the farm gate sales increase Graph 39 - International Exports
attributable to FinAgro, considering the 50 percent in MZN
attribution rate mentioned above. The total impact
in growth for the cohort of 12 was 33,750,728 MZN.
Small Growing Stage companies contributed most
to the total increase. On average, Small Early Stage
183%
companies increased sales by 93 percent, Small
Growing Stage by 107 percent and Medium by 113
percent.

50,599,020
33%

Graph 38 - Increase in Sales Attributable

23,736,138
17,870,585
to FinAgro in MZN

33,750,728
Baseline Target Actuals

Of the total international exports to the value of

33,664,480 MZN, 50% or 16,832,240 MZN was
deemed attributable to FinAgro.

16,875,364
Graph 40 - International Exports
Attributable to FinAgro
in MZN
50%
33,664,480

Micro Small Early Stage Small Growing Stage

Medium Not Attributable to TNS (50%)

16,832,240

2) International Exports
The following graph shows international exports
expected and actual growth for the cohort of 50%
12 businesses. The values come from only
two investees that export fruit to the UAE and
Switzerland. As shown in the graph, an overall
increase of 33 percent was expected, while in total
these investees together increased sales volume Small Early Stage Medium
from exports by 183 percent.
Not Attributable to TNS (50%)
This increase was due to multiple factors. For
investee Jacarandá Agrícola, there was a shift from
a national to an international market. For Global
Farmers Market, it was the result of increased
production capacity. In addition, figures were hugely
impacted by external factors, such as national
currency devaluation, which resulted in the doubling
of international sales volume when expressed in
Meticais

FinAgro Impact Report 22

2. Productivity
a) Projections for All Investees
The following graph illustrates the total expected
growth in tons for all crops cultivated by all FinAgro
investees. It represents the expected growth after
one full agricultural season post investment.
Overall, the total expected increase in tons for
all crops produced is about 8,190 tons, which
represents a total growth from baseline of 50
percent.

Graph 41 - Crop Production in Tons for All Financed Investees

Baseline 16,352

Target 24,544

0 5,000 10,000 15,000 20,000 25,000 30,000

FinAgro Impact Report 23

The average expected growth for each crop is
118 percent. Maize and soy, as seen in Graph 42
below, are expected to have greater growth in tons,
since a large number of investees are involved
in the production of both crops. Potato and sugar
cane production come mainly from one investee
producing in large scale, thus representing such a
large figure.

Graph 42 - Expected Growth in Tons

4,500
4,038
4,000

3,500

3,000

2,500

2,000

1,456
1,500

1,000 876

502
500 395
288
163 134
82 79 56 46 20 15 11 10 8 6 5 1 1 0
0
Maize
Soy
Potato
Sugar Cane
Vegetables
Bean
Sesame
Banana
Rice
Pigeon Pea
Peanut
Litchie
Mapira
Cassava
Mango
Birds Eye Chillies
Sunflower
Cashew
Cowpea
Citrus
Vegetable Seeds
Moringa
The number of hectares on which mechanization
services were provided, as represented in the graph
below, is expected to more than double.

Graph 43 - Mechanization Services Provided in Hectares for All Investees

Baseline 530,000

Target 1,135,000

200,000 400,000 600,000 800,000 1,00,000 1,200,000

FinAgro Impact Report 24

b) Results for Cohort of 22 Investees
The following graphs show expected and actual
crop production in tons and mechanization services
from the 22 investees that by the close of the
program had completed one full agricultural season
(2015/2016) after disbursement of the investment.

Graph 44 - Crop Production in Tons Graph 45 - Mechanization Services

in Hectares
10,000 9,521
1,600
9,000 1,406
1,400
8,000
7,000 1,135
1,200
7,000
1,000
6,000 5,218
5,000 800
530
4,000 600

3,000 400
2,000 200
1,000 0
0 Baseline Target Actuals
Baseline Target Actuals

As shown in the graph below, potato, soy, sugar

cane, maize and banana were expected to have the
greatest growth. Out of these crops, only potato,
pigeon pea and banana increased production.

Graph 46 - Production Expected and Real Increase in Tons

1 000
500
-
to

na

go

an

va

ira

ut

ze

-500
le

So
Pe

pe

ic

an

m
he
ta

an
sa

ai
na

an

Be

ap

ab

sa
Po

ow

rC
as

M
Pe
on

as
Ba

et

Se
C
C

ga
ge

-1000
Ve

Su
Pi

-1500

Real Growth in Ton Expected Growth in Ton

Farmers are vulnerable to market changes and it is From the total cohort of 22 investees, 16 are using
common for them to stop or change production of the financed equipment for their own production.
crops from one year to the other. Crop production This group is represented in Graph 47. A total of
planning is not done in the medium or long term, 12 investees increased their production areas.
which means production plans change very often There was no final data for two investees, and two
and it is difficult to set long-term targets by crop. decreased6 their production areas.
As a result, the negative growth results for most
crops is mainly due to production plans having Overall, the planted agricultural area for the cohort
shifted from the time of the baseline to the following of 22 investees decreased by -5 hectares, but
agricultural season. Mechanization Services grew considerably (see
Graph 49).

6
For example, investee ME083 (Alfa Agricultura) due to drought in his area opted not to produce at all during this agricultural season.

FinAgro Impact Report 25

Graph 46 - Growth in Own Production (ha)

50,000 39
26 32
13 10 15
3 8 5 2 4 5
-6
-

05

07

11

14

41

44

48

56

83

00

03

07

48

65

68

04
E0
E0

E0

E0

E0

E0

E0

E0

E0

E1

P0

E0

E0

E0

E0

P0
M
(50,00)

N
(100,00)

(150,00)
-160

(200,00)

c) Impact for 12 Businesses with

Positive Growth
1) Crop Production

The graph below shows the baselines, targets and As mentioned in section 2.b) above, changes
actuals for the major crops produced by the cohort in production plans are the likely reason for the
of 12 investees with positive revenue growth after inconsistent results.
one year of production post investment.

Graph 47 - Production per Crop in Tons for 12 Investees

with Positive Revenue Growth

2 500

2000

1 500

1000

500

-
ze

to

ut

go

na

an

ira
So

Pe

ic

pe
he
ta

an
ai

an

na

Be

ap
R
sa
Po

ow
M

as
Pe
on

Ba

M
Se

C
ge
Pi

Baseline Target Actuals

FinAgro Impact Report 26

2) Mechanization Services

The investment in equipment for primary Graph 48 - Mechanization Services

agriculture, mainly tractors and implements, was
made for two main reasons: in most cases the
Provided in Hectares for
investment helped increase SMEs’ area of own 12 Investees with
production, but in some instances the investment Revenue Growth
was made to service smallholder farmers by selling
mechanization services. Quite often, it was a
1 200
combination of both. Graph 48 shows the number
of hectares on which mechanization services 984
were provided by the cohort of 12 investees. An 1000
1305%
increase of 179 percent was expected, while the
real increase was 1,305 percent, corresponding 800
to an increase of 914 hectares. Assuming an
average of 1ha of mechanization per smallholder 600
farmer, this cohort of investees improved access to
mechanization services for around 1,000 farmers
400 179%
after only one year. The FinAgro program has
helped create service providers in rural areas where
195
previously there were none, thereby increasing 200
farmers’ overall productivity. 70
-
Mechanization Services

Baseline Target Actuals

3. Jobs Created
a) Projections for All Investees
The following graph illustrates the number of new
jobs targeted for women and men as result of
FinAgro’s investment. Figures represent data for all
financed investees.
An overall growth of 65 percent in jobs for women
was expected, representing a total of 269 jobs
created, and a total of 24 percent growth in jobs for
men, representing a total of 249 jobs created.

Graph 49 - Target Increase in Jobs for

All Investees
2500

2000
65%
681
1500
412
24%
1000

1298
500 1049

0
Baseline Target

Male Female

FinAgro Impact Report 27

b) Results for Cohort of 22 Investees
Graph 50 illustrates the total growth in jobs for the
22 investees with one full agricultural season post
investment. Although there was an overall increase
of 29 percent in jobs, corresponding to 127 new
jobs, only 90 percent of the target was achieved.
Graph 51 shows numbers for individual investees.
Figures show that out of the 22 investees there was
an overall increase of 127 new jobs. 13 investees
increased the number of jobs by a total of 173,
while eight decreased the workforce by a total of
46 jobs and one investee had no alteration in the
number of workers.

Graph 50 - Increase in Jobs for

22 Investees Graph 51 - Increase in Jobs for
700 22 Investees
29%
600

-20

-10

10

20

30

40

50

60

70
45% 211

0
500 140

-13
CP001
400 108
ME005

5
300
432 430 ME006

3
200
335
ME007

-8
100
ME011

-4
0
Baseline Target Actuals ME014

15
ME041
-1
Male Female

ME044
WI

3
ME048

10
ME056

63
ME077
2

ME083
0

ME100
6

ME101
-4
-12

ME106

CP003
-3

ME004
6

ME007
29

ME048
3
WII

10

ME065

ME068
18

NP004
-1

FinAgro Impact Report 28

c) Impact for 12 Businesses with
Positive Growth
The cohort of 12 investees with positive revenue
growth had an increase of 102 jobs for men and
24 jobs for women, representing a total of 126
jobs. The total cohort of 22 investees had a similar
increase in total, indicating that the job increases
were mainly from these 12 investees.

Graph 52 - Increase in Jobs for

12 Investees
500

57%
400
43% 80
300 112

56
200
314
212 270
100

0
Baseline Target Actuals

Men Women

FinAgro Impact Report 29

III. OUTLOOK AND
FUTURE PERSPECTIVES
A. A VETTED PORTFOLIO OF 238 AGRIBUSINESS SMEs READY FOR
FURTHER GROWTH

FinAgro assisted 238 businesses to get investment ready. Through the grant application process,
238 businesses organized their land and business registrations (and in some cases sought these
registrations for the first time), and developed a business plan. These 238 businesses are listed in
Annex 1. This portfolio of agribusiness SMEs are the engines for growth in the rural areas in the
center and north of Mozambique, servicing smallholder farmers with access to improved inputs
and mechanization services and often acting as aggregators for traders and other buyers. They
are vital links between large seed and chemical companies, traders and processors, and the
smallholder farmers in their areas.

Of the 238 investment ready businesses, only 78 take the next step in their growth cycle.
were financed by FinAgro. 33 were approved but
failed to obtain the necessary cash match. 128 The impact measured so far in terms of revenue
weren’t approved due to weak business plans. growth and job creation indicates that focus on
this segment of agribusinesses is well worth the
The FinAgro program has created a platform investment.
from which further assistance to this agribusiness
portfolio should be directed. Future donor projects
or private sector interventions now have a pre-
screened group of agribusinesses that are ready to

238 SMES WITH BUSINESS PLANS,

LEGALLY AND FISCALLY REGISTERED

127 READY BUSINESS PLANS THAT

NEED TECHNICAL ASSISTANCE

33 READY AND VETTED BUSINESSES

WITH BPS THAT REQUIRE ASSISTANCE
WITH CAPITAL RAISING

78 BANKABLE VIABLE BUSINESSES THAT

WILL NEED FURTHER TA

FinAgro Impact Report 30

B. TECHNICAL ASSISTANCE
Although FinAgro’s investees have been vetted and
represent a strong group of agribusinesses SMEs
in Mozambique, virtually all of them need further
technical assistance.
Some immediate assistance is required with basic
equipment training and maintenance: equipment
breakdowns as a result of the investee’s lack of
knowledge or underutilization of the assets were
common findings
A survey conducted amongst the cohort of 22
investees identified the following needs for
technical assistance:
- Agronomy: Most of the farmers do not have
formal education in agronomy, and to increase
production they would need specialized
knowledge. Technical assistance is necessary
in order to transfer knowledge around new
technologies and good agricultural practices.
- Market linkages: Many of the farmers have
one client to whom they sell produce, and it
is possible that they will not be able to absorb
the larger quantities. Single buyer risk can be
mitigated by introducing new buyers.
- Capital raising: Assistance with capital raising
was the most frequently mentioned support area.
SMEs perceive the conditions offered by financial
institutions to be inadequate for SMEs in the
agricultural sector. Most investees said that they
needed access to cheaper growth capital. Other
technical assistance needs mentioned were help
in installing accounting systems and obtaining
quality certifications.
See Graph 53 below for the list of technical
assistance needs identified by investees:

Graph 53 - TA Needs Identified by 22 Investees

Linkages with
Financial
Institutions

Market Researches

TA in Obtaining
Quality Certifications

Advanced
Accounting Systems

Market Linkages

Business/Marketing
/Strategic Plans

Feasibility Studies

TA in Agromony

Other

0 2 4 6 8 10 12 14 16

FinAgro Impact Report 31

IV. STRUCTURE & PROCESS
FinAgro held one Pilot Window for grant applications in 2013. After that, there were three public
rounds of grant applications: Window I in early 2014, Window II in 2015, and Window III in 2016.

Each window for application had a two-stage

process. There were improvements and therefore
Graph 54 - Stage 1 # of Applications
slight variations between windows, but in general 200
the process remained the same. In Stage 1,
180
investees were requested to submit basic
information through an application form, and 160 56
were evaluated on a pass or fail basis. They were 140
evaluated on basic eligibility criteria at this stage
120 51
(value chain, program region, type of organization, 48
availability of a cash match, etc.). Candidates were 100 35
also required to submit statutory documentation 80
at this stage to demonstrate legal and fiscal 60 63 39
compliance.
40 84

If a candidate was approved in Stage 1, they were 20 42

29
invited to submit a business plan in Stage 2. Here 0
they needed to submit a financial projection and Window I Window II Window III
a narrative of their proposal. If their project looked
promising, FinAgro visited the investee for a more Beira Corridor Nacala Corridor Zambeze Valley
in-depth evaluation, including an environmental
impact review of their project. The basic
evaluation of this Stage 2 involved a review of the
management capacity, the viability of the business Graph 55 - Stage 2 # of Applications
plan, and the potential project development impact,
not only in the individual business but also in the 140
community and in the value chain as a whole.
120
34
100

80
37
60
22
40 17
21 56
11
20
17 20
0
Window I Window II Window III

Beira Corridor Nacala Corridor Zambeze Valley

FinAgro Impact Report 32

If a business met the standard minimal score,
it was proposed for approval to the Selection
Committee. The selection committee met once per
window to review all proposed business plans for
approval. Members included TechnoServe’s country
director, an ADVZ representative, a representative
from the Ministry of Industry and Commerce, a
bank representative, and an independent private
sector representative. After the committee’s
approvals, candidates were submitted to USAID
for final approval. After that, potential investees
were informed of their status and were required
to deposit their cash match contribution prior to
FinAgro beginning the procurement process for the
requested assets and/or technical assistance.

Below is a map of the entire process timeline.

Stage 1: Stage 2: Stage 2: USAID Procurement

Applications Applications Applications Approval of Equipment
Stage 1:
Deadline Development Review
Applications
Deadline
1 MONTH MINIMUM OF MINIMUM OF ABOUT ABOUT
1 MONTH 2 MONTHS 1 MONTH 1.5 MONTHS

6.5 Months Cash Match Deposit

FinAgro formed partnerships with a number of
Technical Assistance providers, primarily Instituto
para Pequenas e Médias Empresas (IPEME) do
Ministério da Indústria e Comércio (MIC), to help
candidates with their applications7.
The assistance was mostly in the development
of business plans and in some cases with
formalizing their legal status. The District Directors
for Economic Activities (SDAE) were key in
promoting the program and helping identify suitable
candidates.

460 grant applications,

to 238
business
plans

to 111
approved
projects by
to 78 Selection
investees Committee,

• 3 public windows for

grant applications
• 2 stage application process

7
IPEME helped a total of 48 investees; SDAE helped a total of 38 investees; Miruku helped 37 investees; CEPAGRI helped 14 investees; iDE helped
10 investees; WinResources and SNV helped 7 investees.

FinAgro Impact Report 33

ANNEX 1: 78 INVESTEES
LOCAL
FINAGRO
WINDOW REGISTER BUSINESS NAME DISTRICT EMAIL
REGION
NO.

W1 CP001 GuitaChickens Lda. Beira Bárue N/A

W1 CP002 Farma Luz do Sol Beira Caia luzdosolmoz@yahoo.com

W1 ME005 Mbatilamukene lda Zambeze Bárue jalmeida063@gmail,com

W1 ME006 Associação Culima Cuacana Beira Mocuba N/A

W1 ME007 Sociedade F&J Farming e Serviços, Lda Zambeze Cheringoma jose.pontavida@gmail.com

W1 ME011 Afonso Candieiro Zambeze Moma augustosamajo2011@hotmail.com

União das Associações Wiwanana de
W1 ME014 Nahipa
Nacala Caia nahipawiwanana@yahoo.com.br

W1 ME041 Rochas Comercio e Serviços Zambeze Nhamatanda atanasio@tdm.co.mz

W1 ME044 Machamba de Julio Daglace Barros Beira Eráti juliodouglas@teledata.mz

tropicalproduce@earthlink.net;
W1 ME048 Jacaranda Agricultura Lda Nacala Bárue
lissie.s.2011@gmail.com
W1 ME056 RDI Lda T/A Montesco Beira Chimoio rdi.monty@gmail.com

W1 ME057 Aves do Planalto Beira Mocuba langaveronica7@gmail.com

W1 ME060 Winnua Lda Zambeze Rapale asatham@hotmail.com

W1 ME066 Wissa Nacala Gondola juditemacuacuapinto1@yahoo.com.br

W1 ME077 Companhia de Zembe, Lda Beira Nacala antoniomanjate62@gmail.com

jandrilling@vodamail.co.za; ilegrange335@
W1 ME083 Alfa Agricultura Nacala Nampula
gmail.com
W1 ME088 Oruwera Limidada Nacala Mocuba alucasbenate@gmail.com

W1 ME100 Quinta Sotomane Zambeze Nhamatanda gsotomane@gmail.com

W1 ME101 Industria Moageira Maibeque Beira Nampula N/A

W1 ME103 Morais Comercial Nacala Gorongosa mc.moraiscomercial@gmail.com

W1 ME106 Chimpene Agro Comercializacao Zambeze Bárue pitachimpene@gmail.com

W2 CE002 Moz-Agri Lda Beira Gondola chris.serfontein@gmail.com

W2 CP002 IAV Lda Beira Nhamatanda sarapenicela.penicela@gmail.com

W2 CP003 Antonio Francisco Mussanharuca Beira Lago N/A

W2 ME004 Maya&Filhos, Lda Nacala Sussundenga jonathan@globalfarmersmarket.org

W2 ME007 Emília Comercial Lda. Beira Chimoio dietersavaio@yahoo.com.br

W2 ME013 Emprendimentos Tsetsera Lda Beira Búzi tsetserabutchery@gmail.com

ngagiano@niqel.net /taniachapas82@
W2 ME016 TNJ Construcoes, Lda Beira Mocuba
yahoo.com.br
W2 ME033 Ernesto Gulete Candrinho Zambeze Tsangano egcandrinho@gmail.com

W2 ME034 Sarah Lalmamad Papucides Zambeze Bárue demetrios343@gmail.com

Magassosso Express Development
W2 ME035 Company
Beira Rapale N/A

W2 ME041 Industria Comercial Power Xima, Lda Nacala Bárue norberto.salle@yahoo.co.br

Associação Agro-Pecuária Samora
W2 ME042 Moisés Machel
Beira Angónia N/A

FinAgro Impact Report 34

W2 ME045 Raul António Colarinho EI Zambeze Angónia N/A

W2 ME046 Dickson Jassitone EI Zambeze Angónia N/A

W2 ME047 Manuel Paluso Zambeze Nicoadala N/A

W2 ME048 Matuel Comercial Zambeze Namacurra matuelcomercial@yahoo.com.br

GAPEM, LDA (Gil Agro-Pecuaria de
W2 ME049 Mutange)
Zambeze Angónia N/A

W2 ME051 Matina Zambeze Macate N/A

W2 ME062 Isabela Delfina Vilanculos Beira Caia isabeldieltiens@hotmail.com

W2 ME063 Antonio Manuel dos Santos Zambeze Caia samelmarcos65@gmail.com

Fazbem Lapissone, Sociedade
W2 ME065 Unipessoal
Zambeze Caia N/A

W2 ME067 Bugaio Agricola, Sociedade Unipessoal Zambeze Nicoadala N/A

W2 ME068 Alfredo Ramos Manuel Zambeze Caia alfredoramos.manuel@gmail.com

W2 ME074 Agriresource Multiconsult Lda. Zambeze Sussundenga sergiocitora@hotmail.com

W2 ME085 Cantina 2001 Gracas a Deus Beira Meconta N/A

W2 NP004 Maliva Agricola Nacala Gondola N/A

W3 CP009 Sara Comercial-Ei Beira Nhamatanda jchefilipe@gmail.com

Sociedade Agropecuária do Muda
W3 CE003 Limitada
Beira Nhamatanda caravelajl@gmail.com

W3 ME032 Mamis Place- Comêrcio e Agropecuária Beira Manica silfern@yahoo.com.br

W3 CE011 O Ambiente Mahala Beira Sussundenga dzzanda@gmail.com

W3 ME038 Filipe Manhone Beira Sussundenga N/A

W3 ME035 Francisco Meque Chitio Beira Nhamatanda N/A

Associacao dos Camponeses do 3º
W3 ME060 Bairro
Beira Nhamatanda N/A

W3 CE005 Manuel João Nharongue Beira Mossurize andrepita@rocketmail.com

W3 ME048 Kubatsirana Comercial Lda Beira Bárue N/A

W3 ME026 Ecoteca Development Ltda. Beira Nacala-a-Velha engels@ecotecnica.com.br

W3 NE006 Rainha de Frangos Nacala Malema anabelaborgescverde@gmail.com

W3 NP024 Teresa do Menino Jesus Namutoro Nacala Gurué N/A

W3 NP025 Manuel Pinto Moreira Nacala Moma manuel.pinto007@hotmail.com

W3 NP027 União de Produtores- Chalaua Nacala Cuamba N/A

W3 ME020 ALIMI - Cooperativa Nacala Malema eduardo.capesa@gmail.com

W3 NP014 Angelo Jeronimo Fonseca Nacala Murrupula angelojeronimofonseca26@gmail.com

W3 NP019 Manuel Uachave Nacala Alto Molócue manuelwachave@yahoo.br.com

W3 NP029 Augusto Alberto Nacala Moma N/A

W3 NP023 Saco Mineral Lda Nacala Mocuba sacobo@hotmail.com

W3 ME102 Industria Moageira Zambeze Tete N/A

W3 ME095 Codorniz Real, E.I. Zambeze Milange custodiakhan@yahoo.com.br

W3 ME045 Francisco Fernandes Zambeze Angónia haylton97@gmail.com

W3 ME108 Daniel Masina Uiriamo Zambeze Sussundenga noemiauiriamo@gmail.com

W3 ME015 Dombe Farm Lda Beira Angónia farma.dombe@gmail.com

W3 ME052 Sementes de Tete, Lda Zambeze Caia sementesdetete2015@gmail.com

W3 ME073 Raida Menomussanga Zambeze Angónia N/A

W3 ME079 Biriate Chairode Zambeze Angónia N/A

W3 ME065 Esmina Cassamo Mussa Zambeze Bárue N/A

W3 ME027 Associacao Kupfumaishungu Beira Alto Molócue N/A

W3 NP028 Cerneja José Nacala N/A

N/A N/A Matanuska Nacala Namialo twallace@riftvalley.com

FinAgro Impact Report 35

ANNEX 2: 33 AGRIBUSINESS SMEs
APPROVED BUT REQUIRING ACCESS
TO CAPITAL
LOCAL
FINAGRO
WINDOW REGISTER BUSINESS NAME DISTRICT EMAIL
REGION
NO.

WI ME025 ZAP Zambézia Agro Pecuária Lda. Zambeze Nicoadala zapmoz@tdm.co.mz

Centro de Desenvolvimento Agro-pecuario
WI ME061 (CDAC)
Zambeze Caia ferrãovilanculos@gmal.com

WI ME070 Agritrac de Estevao Zero Nota Zambeze Caia N/A

WI ME092 Alimentos & Cereais, Sociedade Unipessoal LDA Nacala Marrupula N/A

"ME093
WI Cooperativa Agraria Ossukana Nacala Monapo N/A
"
WI ME104 Nhamadzi Comercial Zambeze Gorongosa nhamacom@gmail.com

WI ME114 Uniao Owana wa Namalima Nimarihe Ossimela Zambeze Mocuba N/A

"ME121
WI Coperativa Wiwanana Wanamalima Nacala Angoche N/A
"
WII CE005 FRUTIS LDA Beira Gondola essufvaly@gmail.com

WII ME090 Soluções Rurais, Lda Beira Chimoio rui.santos@solucoesrurais.co.mz

WII ME015 Ribaué Agricola, Sociedade Unipessoal,Lda Nacala Ribaue ribaueagricola@gmail.com

WII ME029 PRIMAVERA TRADERS Nacala Lichinga karapha@yahoo.fr

WII ME054 JNB Empreendimentos Nacala Nampula jnbila@gmail.com

WII ME055 Indústria Moageira Fátima Nacala Ribaue N/A

Ilha De "paulo.nhamussua@jfs.co.mz
WII ME070 Companhia Agricola JFS, SA Nacala
Mocambique luis.rodrigues@jfs.co.mz"
WII ME086 Luambala Jatropha, Lda Nacala Majune inocencio.sotomane@greenresources.no

WII ME030 DEMAGAS Lda (Geo Hidro Civil Engenharias) Zambeze Quelimane felixmagas@yahoo.com.br
Sociedade Unipessoal Chimuara Investimentos
WII ME052 Lda
Zambeze Mopeia eliascome@hotmail.com

WIII CE013 MULTISUPPLIER Beira Chimoio mjdemenezes@teledata.mz

WIII ME016 FARMA BRIATE E.I. Beira Barue briatevictorino@gmail.com

WIII ME006 Ribaué Agricola,Lda Nacala Ribaue ribaueagricola@gmail.com

WIII ME031 DERRE CONSTRUÇÕS Lda Nacala Alto Molocue cebasmsg@gmail.com

WIII NE007 Candido Rafael Nacala Mecuburi N/A

WIII NP005 Ferragem Maleiro Nacala Nhamatanda N/A

WIII NP010 Matias Armindo Nacala Nhamatanda N/A

WIII ME001 Mponda Sociedade Unipessoal Lda Zambeze Caia derciomonteiro9@gmail.com

WIII ME003 AGRITRAC de ESTEVAO ZERO NOTA Zambeze Caia notabazar@yahoo.com.br

WIII ME066 Gueressone Jorge Palusso Zambeze Angonia N/A

WIII ME067 KAPENDA BINALI MABODE Zambeze Angonia rnimosso@gmail.com

CAPIZ - Companhia Agro-pecuaria e Industrial
WIII ME076 da Zambezia
Zambeze Quelimane alifquimica@gmail.com

WIII ME098 EZAQUIEL NGUNLANDEU NKHUKHUNTHA Zambeze Nhamatanda rnimosso@gmail.com

WIII ME107 wayekas park, E.I Zambeze Nhamatanda uaecaadriano@gmail.com

WIII ME110 Agostinho Simbe, Moageira, EI. Zambeze Nhamatanda agostinhosimbe@gmail.com

FinAgro Impact Report 36

ANNEX 3: 127 AGRIBUSINESS SMEs TO
BE PREPARED FOR FURTHER GROWTH
LOCAL
FINAGRO
WINDOW REGISTER BUSINESS NAME DISTRICT EMAIL
REGION
NO.

WPilot UID002 ACOF Beira Chimoio olindafondo@yahoo.com.br

WPilot UID003 Frutas da Revue Beira Gondola paulino.pedro@hotmail.com

WPilot UID001 Lucite Empreendimentos Zambeze Mocuba gaspar.av@gmail.com

WI CP003 Zebra Farm Beira Manica N/A

WI ME004 Moçambique Agro Nacala Rapale N/A

WI ME009 C.Agroconsul- candito Ualuto Nacala Marrupula N/A

WI ME012 Sabiro Comercial Zambeze Cheringoma N/A

WI ME024 Mathária Empreendimentos, Lda Nacala Ribaue N/A

WI ME026 AGROTRADING Beira Machaze N/A

WI ME028 Delta Services Nacala Gile N/A

WI ME032 Associação Ossucana Napago Nacala Moma N/A

WI ME036 Optima Industrial Beira Gondola N/A

WI ME042 MOCOTEX Beira Mocuba N/A

WI ME045 Mahamad Rafique Mahamad Hussein Zambeze Morrumbala N/A

WI ME046 Agrecol Si Lda Beira Dondo N/A

WI ME053 Alif Quimica Industrial, Lda Zambeze Quelimane N/A

WI ME058 Pedro Estavao Muagura Zambeze Gorongosa N/A

WI ME059 Nhamacherene Comercial, Lda Zambeze Caia N/A

WI ME062 AfricaNut Nacala Nacala N/A

WI ME071 Ecofarm Beira Chemba N/A

WI ME074 The African Distribution Company Beira Beira N/A

WI ME078 Cuacua Lodge Lda Zambeze Mopeia N/A

WI ME079 Sociedade Algodoeira do Niassa Nacala Cuamba N/A

WI ME082 Niassa Petroleo Nacala Lichinga N/A

WI ME086 Ebenezer Agroforest Beira Gondola N/A

WI ME089 Moagem Rosa Cintura Beira Gondola N/A

WI ME108 César Ernesto Produtos Agrícolas Beira Nhamatanda N/A

WI ME110 New Horizons Mozambique LDA Nacala Nampula N/A

WI ME111 Niassa Greem Resources Nacala Lichinga N/A

WI ME113 Cooperativa MUDEMONE Zambeze Maganja da N/A

Costa
WI ME117 Industria Moajeira Imtiaz Nacala Marrupula N/A

WI ME121 Cooperativa Wiwanana Wanamalima Nacala Angoche N/A

FinAgro Impact Report 37

WI ME122 Moagem Idio Zambeze Mocuba N/A

WI NE001 Duplo L Nacala Meconta N/A

WII ME061 RDI Limitada Beira Chimoio rdi.monty@gmail.com

WII ME089 Terra Nova, Lda Beira Beira terranova.beira@gmail.com

WII ME018 Cell-shop Mazonde Beira Barue mazondepedrozacarias@gmail.com

WII ME064 Gracas a Deus construcoes e Investimento Beira Nhamatanda manuelolessej@gmail.com

WII ME026 Associação Kuirirana Cruz-Honde Beira Barue N/A

WII CE001 Agromaco;Lda Beira Chimoio agromaco@tdm.co.mz

WII CP001 Organizacoes Oliveira Lda Beira Beira organizacoesoliveira@gmail.com

WII CP004 Antonio Zaninguelane Chirindza Beira Sussundenga N/A

WII ME008 Tseco M. / Associacao Projecto Kelly Save Nacala Alto Molocue "info@tsecomicrofinancas.co.mz
The San's i.nhantumbo@tsecomicrofinancas.co.mz"
WII ME050 Moagem Machaca Nacala Rapale N/A

WII ME019 ADDA - Agencia de Desenvolvimento do Zambeze Angonia agencia.adda@gmail.com

Distrito de Angonia
WII ME044 Chicussi Zambeze Alto Molocue N/A

WIII CE001 MOZIBO,EI-MOZAMBIQUE INVESTIMENTS Beira Manica mozibo.lalmeida@gmail.com

BUSINES AND OPORTUNITY
WIII CE002 AGRARIUS Consultoria e Servicos Beira Chimoio agrarius.consserv@gmail.com

WIII CE004 Clifton Meadows Mozambique Beira Manica rkietzmann@telkomsa.net

WIII CE007 Araujo Comercial Beira Barue N/A

WIII CE009 KUMBOEDZA COMERCIAL Beira Mossurize kumboedzacomercial@gmail.com

WIII CP001 Amelia Z.T.S Rendição Beira Sussundenga N/A

WIII CP002 Alfredo Augusto Alface Chimoio Beira Macate N/A

WIII CP003 Associação Agro Pecuaria Kuchena Beira Macate N/A

Hacufape
WIII CP004 Matias Viola Monzero Beira Sussundenga N/A

WIII CP006 Associação de Camponeses de Nhanhumbe Beira Nhamatanda buchazi@gmail.com

WIII CP007 L-Tivane Empreendimentos Sociedade Beira Nhamatanda luisa.tivane@gmail.com

Unipessoal Lda
WIII CP008 Luis Andre Naite Beira Sussundenga N/A

WIII CP010 Santos Antonio Francisco Beira Sussundenga santosantoniofrancisco@gmail.com

WIII CP012 Sociedade Alinil Lda Beira Nhamatanda N/A

WIII CP014 Lucas Joao Lampiao Beira Nhamatanda N/A

WIII CP016 Associacao Agro Pecuaria Kubatana Beira Nhamatanda gcanivete@gmail.com

Kuruissa Urombo
WIII CP017 Associação Chekwaedzera Beira Nhamatanda N/A

WIII CP018 Associação Agro Pecuaria de Belas campo 4 Beira Nhamatanda N/A

WIII CP020 Joao Castigo Beira Nhamatanda N/A

WIII CP021 Maria Rosa Correia Matala Beira Nhamatanda N/A

WIII CP022 Mautsa Thomas Nhassango Beira Nhamatanda N/A

WIII CP023 BEIRA TOUCH LDA Beira Nhamatanda beira.touch@gmail.com

WIII CP024 VIEIRA AGRI-PEC, E.I Beira Nhamatanda N/A

WIII CP025 VERDADE Beira Nhamatanda N/A

WIII ME002 Associacao Nzara Yapera de Belas Beira Vandúzi "nzarayaperavanduzi@gmail.com;

bmnebeue@yahoo.com.br "
WIII ME008 ASSOCIACAO CUCHINGA Beira Barue N/A

WIII ME010 ASSOCIACAO COMUNIDADE DE Beira Barue N/A

MUDZADZA AMBIENTAL
WIII ME011 CARLOS TOMAS Beira Barue N/A

WIII ME013 AKHTER HUSSAIN Beira Barue ahussain@gmail.com

WIII ME017 Farma Chirumbuana E.I. Beira Barue jaimechirumbuana@gmail.com

WIII ME018 ASSOCIACAO KULIMA KWACANACA 2 Beira Barue N/A

WIII ME021 Associacao Ngatichingue Nekubatana Beira Barue N/A

WIII ME022 ASSOCIACAO AGRO-PECUARIA MAFURO Beira Barue N/A

MANHORO
WIII ME024 associacao Kulima Kwacanaca 1 Beira Barue N/A

WIII ME029 Associacao Comitrace Mocambique Beira Vandúzi comitrace@yahoo.com.br

WIII ME036 AGRO SERV LIMITADA Beira Chimoio sansaoluis@gmail.com

WIII ME037 Muchangas & Filhos Lda Beira Nhamatanda joaquim.muchanga61@gmail.com

FinAgro Impact Report 38

WIII ME057 H. G.C. - Horacio Gimo Colomola Beira Dondo colomolahoracio@gmail.com

WIII ME058 Natalia Feliciano Jose Beira Dondo N/A

WIII ME074 Kunaka Multi-Service Lda Beira Buzi destino.ahonga@gmail.com

WIII ME082 AGRIMERC ODS - Organizacao para o Beira Chimoio agrimercods@gmail.com

Desenvolvimento Sustentavel da Agricultura
e Mercados Rurais
WIII ME085 SERRA CHOA FRUTAS LDA Beira Nhamatanda elizabethsikoya@gmail.com

WIII ME004 ADRIÃO Nacala Gurue "mrnady@yahoo.com.br

zaindomanuelabuquebacar@gmail.com"
WIII ME005 Associacao Projecto Kelly Save The San's Nacala Alto Molocue i.nhantumbo@yahoo.com.br

WIII ME042 New Forests SA Nacala Muembe hugo@servir.co.mz

WIII ME044 MULTIFRUTAS NAMPULA, LDA Nacala Nampula cmandela.cossa@gmail.com

WIII ME055 Gaia Africa Limitada Nacala Gurue peter@peter-pichler.com

WIII NE001 RAMOS COMERCIAL Nacala Gurue icavalo86@yahoo.com

WIII NE002 Antonio Viegas Adamo Nacala Malema rogerioagostinhoagostinho@gmail.com

WIII NE003 Ernesto Jaime Lopes Nacala Ribaue "ernesto.jlopes@gmail.com

oiimaoficialgmail.com"
WIII NP001 Restaurante 7 Sabores Nacala Nhamatanda nininhaluzio@gmail.com

WIII NP003 CASA ADUBO SEMENTES MOCAMBIQUE Nacala Nhamatanda robertosmaia@gmail.com

WIII NP004 Felismino Cariaco Nacala Nhamatanda N/A

WIII NP006 MOAGEIRA FARINHA MOCAMBICANA Nacala Nhamatanda vladimirleal@live.com

UNIPESSOAL LDA.
WIII NP007 TROPFRUIT MOCAMBIQUE LDA. Nacala Nhamatanda jummferreira@gmail.com

WIII NP008 MOBRAS MOCAMBIQUE LDA. Nacala Nhamatanda MOBRASMOCAMBIQUE@GMAIL.COM

WIII NP011 AGROBUSINESS MOCAMBIQUE LDA. Nacala Nhamatanda ANGELOCFERREIRA@GMAIL.COM

WIII NP012 Paulo Rapieque Nacala Nhamatanda N/A

WIII NP013 VIVEIRO DE MUDAS MOCAMBIQUE Nacala Nhamatanda fabiomarchi@terra.com.br

UNIPESSOAL
WIII NP015 Assoc. P. Des. Prov. Nampula- ADN Nacala Nhamatanda filobasilio@gmail.com

WIII NP016 Halali Nacala Nhamatanda issadauda2015@gmail.com

WIII NP018 Jorge Dama Damucene Nacala Nhamatanda N/A

WIII NP022 Quinta Carlos Nacala Nhamatanda N/A

WIII NP030 Jose Neto Manuel Nacala Nhamatanda N/A

WIII ME023 Nhamasuiga Comercial Zambeze Caia N/A

WIII ME025 Manuel Comercial-Sociedade Unipessoal Zambeze Caia sergiocitora@hotmail.com

WIII ME028 Arnani Julai-Sociedade Unipessoal Zambeze Caia N/A

WIII ME030 Associacao Agro-Pecuaria de Chupanga Zambeze Caia N/A

WIII ME034 Samuel Francisco Marcos Zambeze Nhamatanda "ronaldsousa70@gmail.com

samuelmarcos65@gmail.com"
WIII ME059 WM MOCAMBIQUE,LDA Zambeze Nicoadala martinsgarrine@gmail.com

WIII ME061 RCS - Residencial e Serviços Zambeze Caia rogeriocossa81@yahoo.com.br

WIII ME063 ANTONIO CASTRO Zambeze Tsangano antonio cstr297@gmail.com

WIII ME068 SAMALANE ELIAS KUVALA Zambeze Angonia rnimosso@gmail.com

WIII ME075 AGRO TRADING E COMECIO GERAL Zambeze Mocuba raison082@hotmail.com

WIII ME090 Agnesconsul-Comercio & Servicos Leny, Zambeze Nhamatanda "samuelmarcos65@gmail.com

Sociedade Unipessoal Limitada samarcos2016@outlook.com"
WIII ME091 Paulo Ernesto Ndaluza Zambeze Nhamatanda "samuelmarcos65@gmail.com
samarcos2016@outlook.com"
WIII ME092 Elias Jacinto Vulande Zambeze Nhamatanda "samuelmarcos65@gmail.com
samarcos2016@outlook.com"
WIII ME094 ECONCUNA, LIMITADA Zambeze Nhamatanda acuna2010@gmail.com

WIII ME097 Ana Joaquim Constantino, Sociedade Zambeze Nhamatanda "samuelmarcos65@gmail.com

Unipessoal Limitada samarcos2016@outlook.com"
WIII ME100 Doa Comercial Zambeze Nhamatanda "aiadimtaibo@gmail.com
doacomercial@gmail.com"
WIII ME109 Agro-Pecuaria, EI. Zambeze Nhamatanda joaquimcherene@gmail.com

FinAgro Impact Report 39

Contact us
Jane Grob, Country Director
Lola Rohde, Program Director
www.technoserve.org
Rua Antonio Simbine No.203, R/C
Bairro da Sommerschield
Maputo
Moçambique