Norberto Mahalambe – Director of the Mozambican Cotton Institute, while speaking on the last day of the 5th Micro-finance conference in Mozambique's Matola, recently said that the country's cotton industry possesses great potential to draw micro-financing institutions, since there are around 250,000 families engaged in the cultivation of cotton.
However, presently the finance for the sector is made available by 10 leading firms that are dedicated in developing the crop, he said.
The official even stated that, as cotton this year is seen to generate revenues worth of US $40 million, and the micro-finance institutions as part of their initiatives may extend direct loans to the manufacturers, collaborate with leading development firms and encourage savings in the field of cotton.
The family sector had contributed over 95 percent of the country's overall cotton production, he added.
Fibre2fashion News Desk-India
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