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Vol 52 No 18

Published 9th September 2011


Taking a stake in economic development

Presidential friends edge out Frelimo’s friends

Since Armando Emílio Guebuza won the presidential election in 2006, more and more members of his circle have obtained stakes in the economy and partnerships with foreign businesses. The companies use their political connections to secure competitive advantage and, increasingly, they dominate the national economic landscape. One such company is Insitec, which suddenly appeared on the Mozambican business scene in 2007 when it took an 18% share in the second largest bank, Banco Comercial e de Investimentos (BCI). From then on, whenever a big project surfaced, Insitec was involved.

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