Technical Assistance to Banco Terra
Last updated: 31/08/2009 //
In 2006 Norfund, GAPI, KfW and Rabobank decided to establish Banco Terra (BT), a commercial bank in Mozambique with a rural focus. To make this rural focus viable within a reasonably acceptable time for private investors, a technical assistance (TA) project was designed whereby Norway, Germany and the Netherlands governments would finance the technical assistance.
The assistance was to be provided by RIAS (Rabo International Advisory Services, a consultancy division of Rabobank). The total budget was set at € 3,9 million or 1.3 million per donor (approx. NOK 11 mill).
Norway signed the financing contract with Banco Terra in December 2007. An advisory committee meeting twice a year has been established to monitor the use of the resources allocated to TA.