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IFC invest $13.5mln in Mozambique’s MMI Steel mills

Image Credit: Africatime

The IFC has announced a $13.5 million investment in a steel mill, MMI Intergrated Steel Mills Mozambique, based in the Port of Nacala’s Special Economic Zone in northern part of the country. The plant will manufacture high quality galvanized, color coated roofing sheets and related products used in low-cost building projects, and is expected to create 250 jobs in the area.  Previously, products and materials for Mozambique’s housing sector were mostly imported.

MMI is owned by Tanzanian-based Motisun Group, which has operations in three countries and a distribution network in another ten, and today has a cumulative annual rolling capacity of 192,000 tonnes.  The mill will be the first roofing sheet manufacturing plant in Mozambique to boast integrated facilities from cold rolling to profiling.

Motisun has plans to expand into Ghana to serve the West African market.  As well as supporting local industrial development, the IFC’s investment is also aimed at supporting the group’s regional expansion.  Jumoke Jagun-Dokunmu, the IFC’s Country Manager, commented that “IFC aims to help investors that can create jobs and promote the development of industry in Mozambique.  We are committed to helping strong African companies grow outside their home markets.”

The plant has received approvals from GAZEDA, the Mozambique Government’s Economic Zoning Authority and the Bank of Mozambique.

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