A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit .
96-578: Mauritius Commercial Bank (MCB) is a commercial bank in Mauritius . MCB is licensed by the Bank of Mauritius , the country's central bank and the nation's banking regulator. The bank's headquarters are located in Port Louis , Mauritius. Mauritius Commercial Bank, founded in 1838, is the oldest commercial company and the largest banking institution of Mauritius . It is equally the oldest banking institution south of
192-488: A bank or a division of a larger bank that deals with corporations or large or middle-sized businesses, to differentiate from retail banks and investment banks . Commercial banks include private sector banks and public sector banks. However, central banks function differently from commercial banks, despite a common misconception known as the "bank analogy". Unlike commercial banks, central banks are not primarily focused on generating profits and cannot become insolvent in
288-411: A hot semi-arid climate ( BSh ). Maputo is a relatively dry city, averaging 829.6 millimetres (32.7 inches) of precipitation per year. Precipitation is abundant during summer and sparse during winter. The city has a relatively warm climate averaging a mean temperature of 22.8 °C (73.0 °F). The hottest month is January with a mean temperature of 26.8 °C (80.2 °F), while the coolest month
384-570: A Royal Charter to the newly established bank under the name of The Mauritius Commercial Bank (MCB). The British government renewed the charter every twenty years until 18 August 1955 when the Bank became a limited liability company. MCB encountered numerous difficulties in its first hundred years. MCB opened its first branch in Curepipe , in the centre of the island, in 1920. It did not open another branch until after World War II . In 1949, Lloyds Bank became
480-503: A branch. In 1999 MCB established União Comercial De Bancos (Moçambique) in Maputo , Mozambique in partnership with BFCOI and Proparco. By 2000 MCB's shareholding was 76% as it had bought out Proparco's 18.75% stake. The next year, MCB acquired the minority stake Crédit Agricole Indosuez held in BFCOI, increasing its own stake by 22.22% to 88.88%. This followed the takeover of Banque Indosuez by
576-402: A budget allocated to each of these, namely: Institutional Development, Financial Sustainability, Urban Planning, Urban Infrastructure Investment and Maintenance, Metropolitan Development (services such as waste collection and disposal). The total financial allocation for this phase was USD 30 million. Little was done, however. In 2011, PROMAPUTO2, the second phase of the project began. This phase
672-458: A capacity for 42,000 spectators. A smaller football stadium, Estádio Mahafil , holds 4,000 people. Beginning in the 1950s, motorsport was introduced to the city. At first race cars would compete in areas around the city, Polana and along the marginal but as funding and interest increased, a dedicated race track was built in the Costa Do Sol area along and behind the marginal with the ocean to
768-525: A city. The Luso-British conflict for the possession of Lourenço Marques ended on the 24th of July 1875 with Patrice de MacMahon , the French President , ruling in favour of Portugal. In 1871, the town was described as a poor place, with narrow streets, fairly good flat-roofed houses, grass huts, decayed forts, and a rusty cannon, enclosed by a recently erected wall 1.8 metres (6 ft) high and protected by bastions at intervals. The growing importance of
864-432: A dozen movie theaters by the time of independence. In the 1950s and 1960s, at the height of racial segregation, most of the movie-goers were either European whites or South Asians – each group having their own designated locale. Black Mozambicans, although more heavily discriminated against, also enjoyed movies in makeshift theatres, often in rooms temporarily converted to handle a projector, screen and chairs. For much of
960-930: A loan, they automatically create deposits. Regulations In most countries, commercial banks are heavily regulated and this is typically done by a country's central bank . They will impose a number of conditions on the banks that they regulate such as keeping bank reserves and to maintain minimum capital requirements . They also require some capital Commercial banks generally provide a number of services to its clients; these can be split into core banking services such as deposits, loans, and other services which are related to payment systems and other financial services. Along with core products and services, commercial banks perform several secondary functions. The secondary functions of commercial banks can be divided into agency functions and utility functions. Agency functions include: Utility functions include: Maputo Maputo ( Portuguese pronunciation: [mɐˈputu] )
1056-453: A major shareholder of the prominent newspaper L'Express (Mauritius) , was arrested and released on bail. Charges against Forget were eventually changed and then struck out. The fraud action was soon followed by a claim by MCB in Mauritius against Mauritius Union Assurance (MUA) under its insurance policies. MUA in turn claimed against its reinsurers, Dornoch Ltd., and others. On 19 January 2005
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#17328559815021152-439: A network of primary and secondary schools, industrial and commercial schools as well as the first university in the region. The University of Lourenço Marques was opened in 1962. Portuguese, Islamic (including Ismailis ), Indian (including from Portuguese India ) and Chinese (including Macanese ) communities — but not the unskilled African majority — achieved great prosperity by developing the industrial and commercial sectors of
1248-612: A person to facilitate the commission of a money laundering offence. On 30 June 2010, in the civil action brought about by MCB against Lesage and others, Judges Paul Lam Shang Leen and Nirmala Devat of the Commercial Division of the Supreme Court, found that Lesage could not be believed and held him liable for the Rs 880 million fraud at the MCB. The justices ordered him to refund Rs 436 million to
1344-460: A public transport crisis in the city, the state-owned company, Transporte de Moçambique (TPM) has recently acquired a new fleet of 270+ buses. There are three major bus terminals in the city: at Baixa (downtown/central), Museu (Museum), and at Junta (regional and national buses). Ferry boats departing from Maputo to the district of KaTembe are available during the week. A ferry can carry approximately 20 vehicles per trip. The city of Maputo lies at
1440-544: A representative office in Johannesburg, South Africa in 2008. Moreover, the Group is actively involved in project and trade financing in various countries of the sub-Saharan region, while being engaged in other markets such as India. The Mauritius Commercial Bank’s history started on September 1, 1838 when Governor Sir William Nicolay proclaimed the establishment of La Banque Commerciale de l'îsle Maurice in Port Louis . The bank
1536-836: A shareholder. In 1955, MCB became a limited liability company. At this point MCB became the first bank to set up branches in rural locations: Mahébourg in 1955, Flacq in 1958, Triolet in 1959, and Goodlands in 1963. Other branches followed. In 1960, MCB bank moved to the current location of its headquarters at Sir William Newton Street (at the time, Rue de l'Eglise). Mauritius achieved its independence in 1968. MCB began its international expansion in 1991 when it opened representative offices in Paris and Antananarivo , Madagascar . Together with Crédit Lyonnais (40%) and Banque de la Réunion (a subsidiary of Crédit Lyonnais-25%), MCB (35%) established Banque Internationale Des Mascareignes, an offshore unit based in Mauritius. (In 1998 Crédit Lyonnais confirmed
1632-563: Is July with a mean temperature of 18.8 °C (65.8 °F). A 2019 paper published in PLOS One estimated that under Representative Concentration Pathway 4.5 , a "moderate" scenario of climate change where global warming reaches ~2.5–3 °C (4.5–5.4 °F) by 2100, the climate of Maputo in the year 2050 would most closely resemble the current climate of Goiania in Brazil . The annual temperature would increase by 1.8 °C (3.2 °F), and
1728-509: Is a port city , with an economy centered on commerce. It is noted for its vibrant cultural scene and distinctive, eclectic architecture. Maputo was formerly named Lourenço Marques (until 1976). Maputo is situated on a large natural bay on the Indian Ocean , near where the rivers Tembe, Mbuluzi, Matola and Infulene converge. The city consists of seven administrative divisions, which are each subdivided into quarters or bairros . The city
1824-476: Is a modern 19-story building. The Radisson Blu corporation has constructed a 22 story hotel with 256 rooms in one of the city's trendiest spots on the marginal along the beach. A 15-story building for the second largest telecommunication company in the country, Vodacom , was projected to be completed in 2010. The regeneration of the Maputo waterfront is an urban regeneration project that is being developed at site of
1920-541: Is a planned city with square blocks and wide avenues, with Portuguese traces and their typical architecture of the 1970s. After the Carnation Revolution (1974) military coup in Lisbon , Portuguese refugees fled in massive numbers close to the date of independence (1975), and the resultant lack of skills and capital, in the context of a fierce civil war and government mismanagement, contributed to its state of dereliction in
2016-506: Is also planned which will allow for 57,000 vehicles to be moved per year (Phase 1) with a peak 250,000 under an agreement with Höegh Autoliners as a potential trans-shipment route between the Middle East and Europe . Coal will also be exported from the Matola side at a rate of 10 million tons per year. It is envisaged that by 2020, the port will generate about USD 160 million per year. By 2030,
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#17328559815022112-454: Is centred around its port , through which much of Mozambique's imports and exports are shipped. The chief exports include cotton , sugar , chromite , sisal , copra , and hardwood . In addition to trade, the city has robust manufacturing and service sectors. Several colleges and universities are located in Maputo, including Pedagogical University , São Tomás University, Catholic University of Mozambique, and Eduardo Mondlane University ,
2208-673: Is currently a wholly owned subsidiary of MCB Group. Mauritius Commercial Bank is governed by an eight-person Board of Directors with J. Gérard HARDY serving as the President of the board and Pierre Guy NOEL as the CEO. Early in February 2003, Amina Rojoa, the accountant responsible for the National Pensions Fund (NPF) deposit accounts, informed Prime Minister Sir Anerood Jugnauth, that the NPF deposits at
2304-451: Is experiencing one of the fastest growth rates for a developing country in the world. The projected growth rate for 2011 is expected to be around 7.5%, some of it centered on the construction of several capital intensive projects in Maputo. Some of the more notable developments include Edificio 24, a mixed-use development that will be located at the center of the city along Avenida 24 Julho and Avenida Salvador Allende. The Maputo Business Tower
2400-615: Is home to Ferroviário de Maputo which competes in the Basketball Africa League and the Mozambican Basketball League . The street names were changed after independence in 1975. Close ties with the Eastern Bloc highly influenced the new names that were chosen as did removal of names referring to colonial era figures. Maputo International Airport is the main international airport of Mozambique. The new terminal
2496-709: Is managed by the Maputo Port Development Company (MPDC), a joint venture of Grindrod and DP World . The government has allowed the firm to manage the port until 2030 in order to upgrade much of its infrastructure that has been destroyed after years of stagnation. In 2010, the dredging works in the channel were finished and the Port of Maputo can now handle larger vessels – such as the Panamax vessels – with more cargo. In addition, investments are being made for specific types of terminals such as: A new terminal for vehicles
2592-518: Is surrounded by Maputo Province , but is administered as a self-contained, separate province since 1998. Maputo City is the geographically smallest and most densely populated province in Mozambique. Maputo is a cosmopolitan city, with Bantu , Portuguese , and, to a lesser extent, Arabic , Indian , and Chinese languages and cultures present. Almost 50% of Maputo speaks Portuguese as a native language as of 2017. The area on which Maputo stands
2688-436: Is the capital and largest city of Mozambique . Located near the southern end of the country, it is within 120 kilometres (75 miles) of the borders with Eswatini and South Africa . The city has a population of 1,088,449 (as of 2017 ) distributed over a land area of 347.69 km (134.24 sq mi). The Maputo metropolitan area includes the neighbouring city of Matola , and has a total population of 2,717,437. Maputo
2784-576: Is the Associação Núcleo de Arte. It is the oldest collective of artists in Mozambique. Seated in an old villa in the centre of Maputo the Núcleo has played a significant role in metropolitan cultural life for decades. The two best known and most influential contemporary Mozambican artists started their career at Núcleo de Arte, the painter Malangatana Ngwenya and the sculptor Alberto Chissano . Over one hundred painters, sculptors and ceramists are members of
2880-566: Is the river which marks the northern border with Tanzania ). After the independence, the statues to Portuguese heroes in the capital city were removed and most were stored at the fortress. FRELIMO soldiers carrying Russian rifles replaced Portuguese Army soldiers (both black and white) with western arms in city barracks and on the streets. After the Carnation Revolution in Lisbon, over 250,000 Portuguese emigrated virtually overnight, leaving Mozambique's economy and administration unmanageable. With
2976-430: Is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy. In this respect, credit creation is the most significant function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower. Instead, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning
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3072-451: The Estado Novo regime was overthrown in Lisbon by a leftist military coup — the Carnation Revolution . The new government of Portugal granted independence to almost all Portuguese overseas territories (except for Timor Leste and Macau ). The words "Aqui é Portugal" ( Here is Portugal ) were once inscribed on the walkway of its municipal building. The People's Republic of Mozambique
3168-720: The Estádio do Costa do Sol which can seat 32,000, 15,000 and 10,000 people respectively. The largest stadium in the Metropolitan Area is, however, the Estádio da Machava (opened as Estádio Salazar), located in neighbouring Matola municipality. It opened in 1968, in Machava and was at the time the most advanced in the country conforming to standards set by FIFA and the Union Cycliste Internationale (UCI). The cycling track could be adjusted to allow for 20,000 more seats. It
3264-548: The NZASM railroad to Pretoria , South Africa , caused the city's population to grow. The Witwatersrand Gold Rush , which began in 1886, also increased the economic development of the city in the late 19th and early 20th centuries as Lourenço Marques served as the closest seaport for the export of gold from South Africa. In the early 20th century, with a well equipped seaport, with piers, quays, landing sheds and electric cranes which enabled large vessels to discharge cargoes direct into
3360-547: The Pearl of the Indian Ocean . The city is known for its distinct, eclectic architecture, with Portuguese colonial Neoclassical and Manueline styles alongside modern art deco , bauhaus , tropical modernism and Brutalist buildings. The historic Baixa de Maputo district is the downtown area. Maputo has a vibrant cultural scene, with many restaurants, music and performance venues, and local film industry. Maputo's economy
3456-512: The Seychelles (1), and a head office in Paris. MCB also established Union Commercial Bank in Antananarivo . The original shareholders were MCB (70%), Standard Bank Investment Corporation Ltd (10%), BFCOI (10%), FIARO (5%) and Société Manofi (5%). By 2000, MCB's share ownership had risen to 79%. Currently, the bank has three branches. Then in 1992 MCB converted its representative office in Paris to
3552-561: The Soviet Union and East Germany for help. By the early 1980s the country was bankrupt. Money was worthless and shops were empty. Starting shortly after independence, the country was plagued by the Mozambican Civil War , a long and violent struggle between FRELIMO and RENAMO , which lasted from 1977 to 1992. The war adversely affected economic activity and political stability in the city. "Operation Production" ( Operação Produção )
3648-608: The Transvaal led, however, to greater interest being taken back in Portugal in the development of a port. A commission was sent by the Portuguese government in 1876 to drain the marshy land near the settlement, to plant the blue gum tree , and to build a hospital and a church. A city since 1887, it superseded the Island of Mozambique as the capital of Mozambique in 1898. In 1895, the opening of
3744-422: The 1960s and 1970s were characterized by modernist and brutalist movements of clean, straight and functional structures. However, prominent architects such as Pancho Guedes fused this with local art schemes giving the city's buildings a unique Mozambican theme. As a result, most of the properties erected during the second construction boom take on these styling cues. In recent years , the influx of capital into
3840-702: The Avenida Julius Nyerere finally completed. Financial sustainability for the project was to be guaranteed through the improved collection of property tax (IPRA). The project also coincided with the recent overhaul of the Road Safety and Traffic Regulations (final completion 2020) which was an antiquated system that had not seen changes since the 1950s. Amongst the new regulations, heavy penalties and fines would now apply to many detrimental actions done by automobiles, such as pollution, loud noises, and illegal maneuvers. In spite of its previous instability, Mozambique
3936-542: The Central Train Station (CFM) designed by architects Alfredo Augusto Lisboa de Lima, Mario Veiga and Ferreira da Costa and built between 1913 and 1916 (sometimes mistaken with the work of Gustav Eiffel ), and the Hotel Polana designed by Herbert Baker . As the 1960s and 1970s approached, Maputo was yet again at the center of a new wave of architectural influences made most popular by Pancho Guedes. The designs of
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4032-543: The Crédit Agricole Group, which itself had operations in both Réunion and Mayotte in direct competition with BFCOI. MCB acquired the minority stake Crédit Agricole Indosuez held in BFCOI, increasing its own stake by 22.22% to 88.88%. This followed the takeover of Banque Indosuez by the Crédit Agricole Group, which itself had operations in both Réunion and Mayotte in direct competition with BFCOI. In 2003, MCB and Société Générale agreed that they would split
4128-801: The Independent Commission Against Corruption (ICAC). Attempts were made to challenge the immunity since it had not been granted or confirmed by the Director of Public Prosecution. As the investigation unfolded, ICAC identified the main beneficiary as London-based Mauritian businessman Teeren Appassamy. Money was credited to accounts of ten companies and five persons including Appassamy, the alleged master swindler. They are Dev Manraj, his companies’ director; economist Donald Ha Yeung, his agent; and his brother, Tamby Appasamy. They, as well as MCB top managers, were provisionally charged. Teeren Appasamy pointed MCB General Manager, Pierre-Guy Noël, as
4224-510: The MCB could not be traced. On 14 February 2003, known afterwards as MCB's "Black Friday," the Mauritius Commercial Bank announced in a press communiqué that it had discovered a large scale fraud which had resulted in the misappropriation of over Rs. 600 m. between 1991 and 2002. The fraud was alleged to have been committed by one of the bank's senior managers, Robert Lesage. He was accused of “fraudulently abstracting funds belonging to
4320-456: The MCB” and “tampering with clients’ accounts. The MCB started proceedings in Mauritius against Lesage and thirty seven defendants. The most important ones involved were: The Independent Commission Against Corruption (ICAC) accused NPF accountant Rojoa of conspiracy with Lesage. Charged with embezzlement and money laundering, Lesage involved two top managers of the MCB. He was later granted immunity by
4416-451: The Mauritius Commercial Bank, as a corporate entity represented by Pierre-Guy Noël. MCB was charged to "wilfully, unlawfully and criminally fail to take such measures as are reasonably necessary, to wit : implementation of proper internal control systems and procedures, to ensure that services offered by it, to wit : in relation to the fixed deposit accounts held on behalf of the National Pensions Fund, were not capable of being used by
4512-512: The Núcleo, which regularly stages exhibitions on its own premises and over the last few years has actively participated in exchanges with artists from abroad. The Núcleo became well known for their project transforming arms into tools and objects of art. It played an important role for reconciliation after the Mozambican Civil War . The exhibition of art objects such as the Chair of the African King and
4608-420: The Portuguese established, abandoned and reoccupied on the north bank of the river were all named "Lourenço Marques". The existing town dates from about 1850, with the previous settlement having been entirely destroyed by the natives. The town developed around a Portuguese fortress completed in 1787. On 9 December 1876, Lourenço Marques was elevated to the status of village, and on the 10 November 1887 it became
4704-906: The Sahara and one of the oldest banks of the Commonwealth to have preserved its original name and to be working in the same business area since its incorporation. MCB has a local network of 40 modern branches and 150 ATMs . The holding structure of the MCB Group translates its two-fold strategy namely diversification into financial services through local subsidiaries and associated companies and regional expansion through its foreign subsidiaries. MCB operates in Madagascar , Maldives , Mozambique and Seychelles . The Group has also consolidated its presence in Réunion, Mayotte and Paris through BFCOI, its associate. The MCB opened
4800-723: The bank. The co-defendant and ultimate beneficiary of the fraud, Teeren Appasamy, was ordered by the Court to pay the bank a sum of Rs 305 million. Donald Ha Yeung, was exonerated of all blame by the judges. Lesage appealed to the Supreme Court of Mauritius, but his appeal was denied on a technicality. He then appealed directly to the Judicial Committee of the Privy Council in London, UK, the highest court of appeal. On Dec. 20, 2012, Lord Kerr and four other Law Lords allowed Lesage's appeal, quashing
4896-451: The banker he had dealings with. The latter was charged of having “willfully and criminally conspired with Robert Lesage and Teeren Appasamy to engage in several transactions involving a sum of Rs 36 million”. This charge was later struck out on a technicality. MCB's Assistant General Manager, Philippe A. Forget was charged with “failing to report a suspicious transaction” as file manager for two companies of Teeren Appasamy. Philippe Forget, also
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#17328559815024992-513: The banking and non-banking operations and raise capital in order to position itself for future growth. The restructure was as follows: At the end of the reorganization, MCB remained a commercial bank with no subsidiaries while MCB Group's structure operated under three clusters, i.e.: The shares of MCB were listed on the Stock Exchange of Mauritius from 1989 to April 5, 2014 when they were replaced by those of MCB Group. Mauritius Commercial Bank
5088-408: The center of attention during its formative years and this strong artistic spirit was responsible for attracting some of the world's most forward architects at the turn of the 20th century. The city is home to masterpieces of building work by Pancho Guedes , Herbert Baker and Thomas Honney, amongst others. The earliest architectural efforts around the city focused on classical European designs such as
5184-431: The city by forcibly removing criminals, squatters, and undocumented residents. Maputo has a number of landmarks, including Independence Square , City Hall , Maputo Fortress , the central market , Tunduru Gardens , and Maputo Railway Station . Maputo is known as an aesthetically attractive, if dilapidated, city. With wide avenues lined by jacaranda and acacia trees, it has earned the nicknames City of Acacias and
5280-729: The city has returned to its pre-independence levels of political stability. This stability is an encouraging sign that makes Mozambique a promising country for foreign investment. On 11 July 2003, the Protocol to the African Charter on Human and Peoples' Rights on the Rights of Women in Africa , better known as the Maputo Protocol , was adopted in the city by the African Union . Maputo is located on
5376-562: The city's name was changed (in February 1976) to Maputo. Maputo's name reputedly has its origin in the Maputo River : in fact, this river, which marks the border with South Africa in the southernmost extent of Mozambique, had become symbolic during the FRELIMO-led armed struggle against Portuguese sovereignty , after the motto « Viva Moçambique unido, do Rovuma ao Maputo », that is, Hail Mozambique, united from Rovuma down to Maputo ( Rovuma
5472-742: The city. Urban areas of Mozambique grew quickly in this period due to the lack of restriction on the internal migration of indigenous Mozambicans, a situation that differed from the apartheid policies of neighbouring South Africa. Before Mozambique's independence in 1975, thousands of tourists from South Africa and Rhodesia (now Zimbabwe ) frequented the city and its scenic beaches, high-quality hotels, restaurants, casinos, and brothels. The Mozambique Liberation Front, or FRELIMO , formed in Tanzania in 1962 and led by Eduardo Mondlane , fought for independence from Portuguese rule. The Mozambican War of Independence lasted over 10 years, ending only in 1974 when
5568-474: The decision of the Supreme Court of Mauritius and ordering a new trial "free from the taint of unfairness and bias" before a differently constituted court. Judges Paul Lam Shang Leen and Nirmala Devat of the Commercial Division of the Supreme Court, also found out that "those shell companies were nothing more than his conduit pipe and transactions effected without the knowledge of those who on paper were either shareholders or directors . Those companies were simply
5664-450: The development of Maputo's infrastructure, according to the Climate & Development Knowledge Network . As a coastal city, Maputo is particularly vulnerable to the impacts of sea level rise, and population growth is putting increasing pressure on the coastal areas. In 2007, the municipality of Maputo began a project to seriously consider rehabilitating the city's infrastructure. PROMAPUTO
5760-574: The districts of Marracuene to the north; Boane in the east and Matutuíne at the south all of which are part of Maputo Province. The city is 120 km (75 miles) from the South African border at Ressano Garcia and 80 km (50 miles) from the border with Eswatini near the town of Namaacha . Maputo features a tropical savanna climate ( Aw ) under the Köppen climate classification , having enough precipitation to prevent it from being classified as
5856-520: The east with a length of 1.5 km (0.9 mi). The initial surface of the new track, named Autódromo de Lourenço Marques did not provide enough grip and a crash in the late 1960s killed eight people and injured many more. Therefore, in 1970, the track was renovated and the surface changed to meet the safety requirements that were needed at large events with many spectators. The length then increased to 3,909 km (2,429 mi). The city became host to several international and local events beginning with
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#17328559815025952-593: The end of three railway lines: Goba railway , Limpopo railway and Pretoria–Maputo railway . Maputo was home to one of the first electric tramway systems in Africa, commencing in February 1904. At first the lines ran from the Central Railway Station (CFM) to the City Municipality building. It is said that the establishment of the tram system caused some protests from the general public as certain classes had limited access to its use. Trams lost favor in
6048-426: The exodus of trained Portuguese personnel, the newly independent country had no time to allocate resources to maintain its infrastructure. In addition, authoritarian Stalinist policies and bureaucratic central planning made the newly independent country slip into an extremely precarious condition since the beginning, and so the economy plummeted. FRELIMO, now the governing party, turned to the communist governments of
6144-539: The former annual industrial fair grounds (FACIM). In February 2011, president Armando Guebuza announced that the Vila Algarve would be restored to its former condition and the building transformed into a museum for the veterans of the civil war. The Vila Algarve belonged to the International and State Defence Police (PIDE) during colonial rule. It was where political prisoners and others accused of conspiring to harm
6240-430: The high-emission scenario RCP 8.5 by the year 2050. Additionally, RCP 8.5 combined with the hypothetical impact from marine ice sheet instability at high levels of warming would involve up to 137.5 billion USD in damages, while the additional accounting for the "low-probability, high-damage events" may increase aggregate risks to USD 187 billion for the "moderate" RCP4.5, USD 206 billion for RCP8.5 and USD 397 billion under
6336-400: The high-end ice sheet instability scenario. Since sea level rise would continue for about 10,000 years under every scenario of climate change, future costs of sea level rise would only increase, especially without adaptation measures. The city is divided into seven main administrative divisions. Each of these consists of several smaller city quarters or bairros . The central area of Maputo
6432-552: The inauguration on 26 November 1970. The track was abandoned after 1975 and events only occurred sporadically such as in 1981 when the government allowed the sport again. Since 2000, interest has been rekindled by the Automovel & Touring Club de Moçambique (ATCM) and several events including go-carting, drag racing and motocross are planned. The city's main basketball arena is the Pavilhão do Maxaquene which holds up to 3,500 people. It
6528-429: The instrument/facade to enable Mr. T. Appasamy to obtain huge sums from Mr. Lesage. As can be gleaned from the evidence of Mr. PG Noel, most if not all the monies, which had reached those shell companies, had practically been directed either to the various accounts of Mr. T.Appasamy or for his benefits." Court hearings in the case of ICAC v MCB have begun on Sept. 26, 2011. Commercial bank It can also refer to
6624-439: The late 1970s and 1980s, the local film industry was geared towards creating "home-made" productions depicting Socialist ideologies which placed great influence on the family unit, the non-commercialized production of agriculture and political autonomy. Maputo has been the setting for many Hollywood blockbuster movies such as The Interpreter , Blood Diamond and Ali . An important cultural and artists' centre in Maputo
6720-451: The late 19th and early 20th centuries, Lourenço Marques grew both in population and economic development as a port city. Upon Mozambican independence in 1975, the city became the national capital and was renamed Maputo. During the Mozambican Civil War , the city's economy was devastated. When the war ended, the FRELIMO government launched a program to revive the city's economy, and to clean up
6816-475: The main impediments. The local government, the City Council of Maputo has been unable to bring order to the situation. Additionally, many acacia trees that once lined the footpaths and gave the city its distinct identity have also been removed for unclear reasons. The process gains momentum usually in the winter months between June and August under the guise of pruning overgrown trees. Without proper supervision
6912-498: The oldest in the country. On the northern bank of Espírito Santo Estuary of Delagoa Bay , an inlet of the Indian Ocean , Lourenço Marques was named after the Portuguese navigator who, with António Caldeira, was sent in 1544 by the governor of Mozambique on a voyage of exploration. They explored the lower courses of the rivers emptying their waters into Delagoa Bay, notably the Espírito Santo. The forts and trading stations that
7008-519: The overpopulated bairros , further exacerbate climate change vulnerabilities in the city. According to the 2022 IPCC Sixth Assessment Report , Maputo is one of 12 major African cities ( Abidjan , Alexandria , Algiers , Cape Town , Casablanca , Dakar , Dar es Salaam , Durban , Lagos , Lomé , Luanda and Maputo) which would be the most severely affected by future sea level rise. It estimates that they would collectively sustain cumulative damages of USD 65 billion under RCP 4.5 and USD 86.5 billion for
7104-465: The ownership of BFCOI. However, the agreement did not include BFCOI's operations in the Seychelles. MCB therefore incorporated a new fully owned subsidiary, Mauritius Commercial Bank (Seychelles) – MCB Seychelles – to take over BFCOI's operations there. Since its regional expansion, MCB operated as both a licensed bank and a holding company. In 2013, MCB embarked on a reorganization that sought to separate
7200-444: The port will be able to handle up to 25 trains a day and 1,500 trucks for a total of 50 million tons of cargo per year. The total investment will exceed USD 500 million. A recent introduction is three-wheelers commonly known as tuk-tuks in some Asian countries. The three-wheeled bikes, called "tchopelas" by the population, are cheaper to own and run and have posed a commercial threat to conventional taxis. Maputo had always been
7296-446: The pruning work is excessive and destructive leading to the eventual loss of the tree. Maputo is a melting pot of several cultures. The Bantu and Portuguese cultures dominate, but the influence of Arab , Indian , and Chinese cultures is also felt. Before television was introduced in 1981, film and cinema had a prominent position as a form of entertainment in the lives of Mozambicans especially in Maputo where there were at least
7392-436: The railway trucks, Lourenço Marques developed under Portuguese rule and achieved great importance as a lively cosmopolitan city. It was served by British, Portuguese, and German liners, and the majority of its imported goods were shipped to Southampton , Lisbon , and Hamburg . With the continuous growth of the city's population due to its expanding economy centred on the seaport, from the 1940s Portugal's administration built
7488-408: The real estate sector from local and international investors has resulted in the demolition of many historically significant buildings. Single homes along Av. Julius Nyerere, Av. 24 de Julho and Av. Mao Tse Tung have been torn down and high rise residential apartments built in their place. The difficulty in legally expanding the city coupled with a limited heritage building protection framework have been
7584-454: The regime were taken for interrogation and torture. There are claims that several individuals were executed in the building. No dates have been released on when the renovation is to commence. The building has changed ownership several times and has been an off-on residence for squatters. Maputo has a number of stadiums designed for football, which can be modified for other purposes, such as the new Estádio do Zimpeto , Estádio do Maxaquene and
7680-403: The reinsurers rejected MUA's claim because of negligent misstatement, non-disclosure, and deceit. They later served proceedings against MUA and MCB. The allegations of misrepresentation made against MUA and MCB were "based upon answers given in a Lloyds bankers policy proposal form signed by officers of MCB to the effect that it was a well run orthodox banking business when in fact it was nothing of
7776-569: The same way as commercial banks in a fiat currency system. The name bank derives from the Italian word banco 'desk/bench', used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank
7872-487: The second half of the 20th century as cars and buses became more common, and they have not been in use at all since 1936, although parts of some of the tracks can still be seen coming up through the tar in certain streets, like Av. 24 de Julho. The main port of Maputo handled 17 million tons of cargo in 1971, at its peak. It was part of the trio of Mozambique's main ports for the Nacala-Beira-Maputo route. Today, it
7968-663: The sort." MUA and MCB appealed to the Supreme Court of the United Kingdom, and their appeal was dismissed. In March 2005, a report by NTan Advisory Corporate (Singapore) was published in Le Mauricien . The report commissioned by the Bank of Mauritius , outlined unlawful banking practices at the Mauritius Commercial Bank. In October 2008, after reviewing evidence gathered by ICAC, the Director of Public Prosecution Gérard Angoh decided not to retain criminal charges against Lesage. In September 2009, ICAC initiated criminal action against
8064-477: The temperature of the warmest month by 1.5 °C (2.7 °F), while the temperature of the coldest month would increase by 0.3 °C (0.54 °F). According to Climate Action Tracker , the current warming trajectory appears consistent with 2.7 °C (4.9 °F), which closely matches RCP 4.5. Moreover, Maputo is particularly vulnerable to impacts such as cyclones and flooding caused by sea level rise . Poverty and inequality, which are concentrated in
8160-558: The transfer to Caisse d'Épargne Provence-Alpes-Corse (CEPAC) of its remaining shares (25.5%) in Banque internationale des Mascareignes.) The next year, MCB became the majority shareholder of Banque Française Commerciale Océan Indien (BFCOI), which is registered in France, with the previous owner, Banque Indosuez , retaining an interest. BFCOI had branches in Réunion Island (9), Mayotte (4) and
8256-487: The west side of Maputo Bay , near the Estuário do Espírito Santo where the four rivers Tembe , Umbeluzi , Matola and Infulene drain. The bay is 95 kilometres (59 miles) long and 30 kilometres (19 miles) wide. At the extreme east of the city and bay is the island of Inhaca . The total area covered by the municipality of Maputo is 346 square kilometres (134 sq mi) and borders the city of Matola northeast and east,
8352-886: The years following these events. Recovery of the older infrastructure has been slow and most property developers in recent years have decided to invest in the construction of new properties rather than rehabilitating any of the existing ones. The rates for property in the city are high as investment increases, larger numbers of businesses are hoping to locate within easy reach of the airports, banks and other facilities. Maputo faces many challenges, such as poor transport and drainage infrastructure, which have profound implications on people's livelihoods, particularly in informal settlements. Inadequate planning regulation and law enforcement, as well as perceived corruption in government processes, lack of communication across government departments and lack of concern or government coordination with respect to building codes are major impediments to progressing
8448-531: Was a project that began as co-operation between the local city council and the International Development Association (IDA) of the World Bank . The first phase (PROMAPUTO1) took place between 2007 and 2010 and was chiefly concerned with developing the systems, knowledge and planning required to support the gradual overhaul of the infrastructure. The project was broken into several key areas and
8544-455: Was an initiative by a group of traders of the capital, headed by Mr. James Blyth and Mr. William Hollier Griffiths, who wanted to establish an alternative to the Bank of Mauritius, which they felt favoured the planters on the island. The bank started business with an authorised capital of £100,000, around 500,000 piastres, in premises situated at rue de Paris, subsequently rue Desforges, now Sir Seewoosagur Street. In 1839, Queen Victoria granted
8640-437: Was first settled as a fishing village by ancient Tsonga people. It was soon named Lourenço Marques, after the navigator of the same name who explored the area in 1544. The modern city traces its origins to a Portuguese fort established on the site in 1781. A town grew around the fort starting around 1850, and in 1877 it was elevated to city status. In 1898, the colony of Portuguese Mozambique relocated its capital there. In
8736-407: Was inaugurated in 1983 by the ruling FRELIMO party to deal with the economic crisis. Undocumented residents of Maputo, the "parasitic" urban population, as well as individuals who displayed criminal behaviour, were forcibly transferred to state-owned communal farms and villages in the rural north of Mozambique. Since the peace agreement ending the civil war, which was signed in 1992, the country and
8832-613: Was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression , through the Glass–Steagall Act , the U.S. Congress required that commercial banks only engage in banking activities, whereas investment banks were limited to capital market activities. This separation was mostly repealed in 1999 by the Gramm–Leach–Bliley Act . The general role of commercial banks
8928-437: Was opened in 2010 with a capacity for 900,000 passengers per year. Work has begun on the construction of a new domestic terminal which will have a capacity for many more passengers at any given time. The construction work will require the current building to be demolished. Maputo's transportation needs are mainly served by minibus taxis called chapas , which transport the majority of the city's commuters. In an effort to resolve
9024-537: Was proclaimed on 25 June 1975 in accordance with the Lusaka Accord signed in September 1974. A parade and a state banquet completed the independence festivities in the capital, which was expected to be renamed Can Phumo, or "Place of Phumo", after a Shangaan chief who lived in the area before the Portuguese navigator Lourenço Marques first visited the site in 1545 and gave his name to it. However, after independence,
9120-480: Was the site where Portugal officially handed over the country to Samora Machel and FRELIMO on 25 June 1975. In 2005, the Birmingham based reggae group UB40 held a one-night-only concert in the stadium filled to maximum capacity. A newer stadium called the Estádio do Zimpeto which is located in the suburb of Zimpeto will be opened in 2011. The stadium will be built in time for the 2011 All-Africa Games with
9216-504: Was to last until 2015 and a total of USD 105 million was spent. The plan called for an IT systems, Integrated Financial Management Information System (IFMIS) together with Geographic Information System ( GIS ). These systems would supposedly help the municipality control its budgets and manage tenders, while the GIS would allow for precise information about land location and titling to be kept. Several roads should have been expanded and improved and
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