Decree No. 59/2026 of 17 September Approving the Regulations of Law No. 17/2026 Creating the Development Bank of Mozambique

Proof
NATIONAL COUNCIL OF MINISTERS
Decree No. 59/2026 of 17 September

Given the need to regulate Law No. 17/2026 of 15 June, which creates the Development Bank of Mozambique, hereinafter abbreviated as BDM, under the provisions of Article 56 of the same Law, the Council of Ministers decrees:

Article 1
(Approval)
The Regulations of Law No. 17/2026 of 15 June, which creates the Development Bank of Mozambique (BDM), attached hereto, which is an integral part of this Decree, are approved.

Article 2
(Supervision)
The supervision of the BDM, provided for in Article 11 of the Law creating the BDM, is delegated to the Minister who oversees the area of Finance and comprises the following acts:
a) review the proposals for legal instruments, policies, and strategies of the BDM, ensuring that they are aligned with the National Development Strategy (ENDE); b) monitor compliance with the BDM's management instruments;

NATIONAL PRESS OF MOZAMBIQUE, E. P.
NOTICE
The matter to be published in the "Boletim da República" must be sent in a duly authenticated copy, one for each subject, which must contain, in addition to the necessary indications for this purpose, the following annotation, signed and authenticated:
For publication in the "Boletim da República".
Thursday, 17 September 2026 SERIES I — Number 178 SUMMARY Council of Ministers:
Decree No. 59/2026:
Approves the Regulations of Law No. 17/2026 of 15 June, which creates the Development Bank of Mozambique (BDM).

c) review and submit to the Board of Directors all acts that require its authorization; d) intervene whenever there is any disturbance in the market, taking into account the rules applicable to the BDM; and e) ensure institutional articulation between the Government and the BDM, without prejudice to the administrative, financial, patrimonial, and operational autonomy of the Bank, under the terms of applicable legislation.

Article 3
(Entry into Force)
This Decree enters into force on the date of its publication.
Approved by the Council of Ministers, on 25 August 2026.
Let it be published.
The Prime Minister, Maria Benvinda Delfina Levi.

Regulations of the Law Creating the Development Bank of Mozambique (BDM)

CHAPTER I
General Provisions

Article 1
(Object)
These Regulations establish the rules of organization, functioning, and competencies of the Development Bank of Mozambique, hereinafter abbreviated as BDM.

Article 2
(Principles)
In the application of these Regulations, the governing bodies, organizational units, and areas of activity of the BDM must observe the principles of legality, pursuit of the public interest, ethical integrity and good faith, accountability, financial transparency and reporting, economic efficiency and rationality of resources and good governance, impartiality and meritocracy, financial additionality, economic, financial, and technical viability of operations, financial, social, and environmental sustainability, operational efficiency, and other principles embodied in the BDM Code of Conduct.

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Article 3
(BDM Organizational Units)
The organizational units of the BDM are created and regulated by a specific instrument, approved by the General Assembly, upon proposal of the Board of Directors.

CHAPTER II
Organization, Functioning, and Competencies of the Bodies

SECTION I
Governing Bodies

Article 4
(Bodies)
The BDM is composed of the following bodies:
a) General Assembly; b) Board of Directors; c) Supervisory Board; and d) Specialized Committees, namely:
i. risk management;
ii. compliance;
iii. appointments and remuneration;
iv. audit; and
v. investments.

SECTION II
General Assembly

Article 5
(Nature, Composition, and Competencies)

1. The General Assembly is the deliberative body of the BDM.
2. The General Assembly, regularly composed, represents the shareholders, and its decisions are binding.
3. The competencies of the General Assembly are those provided for in the Law creating the BDM and subsidiarily in the Commercial Code.

Article 6
(Functioning)

1. The Presidium of the General Assembly is constituted by a President and a Secretary, elected by the shareholders, for a period of three years, and may be re-elected once.
2. It is incumbent upon the President of the Presidium of the General Assembly to convene and direct the meetings of the General Assembly and to exercise the other functions conferred upon him by law.
3. The notices for meetings of the General Assembly must be issued with a minimum advance notice of thirty days, complying with the formalities and publicity imposed by law, and must mention the location, date, and time of the meeting, the type of Assembly, and the agenda.
4. The General Assembly is convened by the President of the Presidium or upon request of the Board of Directors, the Supervisory Board, or shareholders, indicating in writing with precision the subjects to be included in the agenda and justifying the need for the meeting.
5. Shareholders may deliberate in writing, as well as meet in a General Assembly, without observing prior formalities, provided that all are present or represented and manifest the will for the General Assembly to constitute and deliberate.
6. The General Assembly may deliberate, in first call, with shareholders present or represented who hold, at least, more than half of the share capital, unless provided otherwise in the following number.
7. For the General Assembly to deliberate, in first call, on the alteration of the partnership agreement, merger, spin-off, transformation, or other matters for which the law requires a qualified majority, partners or shareholders holding at least a participation corresponding to two-thirds of the share capital must be present or represented.
8. In second call, the General Assembly may deliberate with shareholders present or represented, regardless of the number.
9. The General Assembly meets ordinarily twice a year, and extraordinarily whenever necessary, to deliberate on matters of interest to the BDM.
10. The first annual meeting of the General Assembly takes place within the first four months of each civil year, for the purposes of the provisions of letters a), b), c), d), e), f), k), and l) of Article 18 of the Law creating the BDM.
11. The General Assembly of the BDM meets at the registered office or another location, indicated in the respective notice.
12. A minutes record is drawn up in the respective book for each meeting of the General Assembly, which is signed by the President and the Secretary of the Presidium.

SECTION III
Board of Directors

Article 7
(Nature, Composition, and Competencies)

1. The Board of Directors is the management body of the BDM, composed of seven members, including five Executive Directors and two Non-Executive Directors, one of whom is the President with executive functions.
2. The competencies of the Board of Directors are those provided for in the Law creating the BDM and subsidiarily in the Commercial Code.

Article 8
(Functioning)

1. The Board of Directors meets ordinarily once a month, on a previously fixed date and time, and extraordinarily whenever convened by the President or at the request of at least five members.
2. Members of the Board of Directors are summoned in writing, and the summons may be effected by electronic mail or by any other means that allows proof of receipt by the recipient.
3. The summons must indicate the location, date, time of the meeting, and the respective agenda, as well as all necessary supporting elements.

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4. The summons is waived whenever the Board of Directors has previously deliberated on the dates of the meetings or when all members are present or duly represented.
5. In the cases referred to in the preceding number, the agenda of the meeting must be approved by the majority of the Directors present.
6. The meetings of the Board of Directors are held at the BDM headquarters.
7. Non-Executive Directors must not participate in the decision-making of daily management of the institution, nor assume executive portfolios.
8. The minutes of the meetings must include the following elements:
   a) name, position, and signature of all participants in the meeting, including the indication of absent members; b) identification of the supporting documentation for each agenda item; c) the justification for each decision adopted, including the voting result and identification of voting members, with explicit reference to any dissenting opinions; d) a description of any recommendations made, including the name of the proposer; and e) identification of matters requiring follow-up in future meetings.
9. The minutes of the meetings must be recorded and archived for a minimum period of 5 years.

Article 9
(Appointment and Selection of Directors)

1. The President of the BDM is appointed by the President of the Republic.
2. Except for the President of the BDM, the remaining Executive and Non-Executive Directors are selected through a public competition.

Article 10
(Selection Requirements)

1. For the purposes of selecting members of the Board of Directors, the following requirements must be observed:
   a) academic qualification; b) professional experience; c) technical competence; d) suitability; e) integrity; f) independence; g) leadership capacity; and h) viability of the management plan.
2. The documents of the selection competition for Directors establish the terms of reference required, to be approved by the General Assembly.

Article 11
(Taking Office and Term)

1. The President of the BDM takes office before the President of the Republic, and the other members of the Board of Directors before the General Assembly.
2. Members of the Board of Directors are designated by individual mandate of five years, which may be renewed once.

SECTION IV
Supervisory Board

Article 12
(Nature, Composition, and Competencies)

1. The Supervisory Board is the body responsible for controlling the legality, regularity, and good financial and patrimonial management of the BDM.
2. The Supervisory Board is composed of three members, being one President and two Members.
3. The competencies of the Supervisory Board are those provided for in the Law creating the BDM and subsidiarily in the Commercial Code.
4. Members of the Supervisory Board must possess proven knowledge and experience in the areas of accounting, auditing, business management, and law.

Article 13
(Functioning)

1. The Supervisory Board meets ordinarily once each quarter and extraordinarily whenever necessary, upon summons by the President or at the request of the majority of its members, or at the request of one of the governing bodies of the BDM.
2. In the exercise of their functions, members of the Supervisory Board of the BDM observe the incompatibilities and impediments provided for in applicable legislation.
3. The decisions of the Supervisory Board are taken by majority of the votes expressed, provided that the majority of the members in office, including the President, are present, with the President having a casting vote.
4. The opinion of the Supervisory Board regarding the conformity of the Annual Report and Accounts must be signed by all members, expressing their position.
5. The Supervisory Board communicates to the Bank of Mozambique whenever there are risks to solvency, liquidity, creditors, among other situations.

Article 14
(Appointment and Term)
Members of the Supervisory Board of the BDM are appointed by decree of the Minister who oversees the area of Finance, for a term of three years.

SECTION V
Specialized Committees

Article 15
(Nature, Composition, and Functioning)

1. The specialized committees are independent bodies supporting the Board of Directors, which ensure the compliance with good management and governance practices in matters of appointments and remuneration, perks, audit, internal control, compliance, risk management, and investments, contributing to the strengthening of control, institutional development, and the improvement of the performance of the BDM's strategic areas of action. They are composed of three Members, one of whom is the President.
2. Under the provisions of letter u) of Article 25 of the Law creating the BDM, it is incumbent upon the Board of Directors to approve the rules of organization and functioning of the specialized committees.

Article 16
(Nature of the Risk Management Committee)
It is the body responsible for the supervision and evaluation of the effectiveness of the BDM's risk management and internal control systems, ensuring compliance with the prudential limits established by the Bank of Mozambique, applicable to the BDM's activity.

Article 17
(Competencies of the Risk Management Committee) It is incumbent upon the Risk Management Committee:
a) advise the Board of Directors on the risk appetite and the general, current, and future risk strategy of the BDM; b) assist the governing body in supervising the execution of the risk strategy and in the compliance of corporate activities with the defined risk appetite; c) decide on the proposals submitted to it for review, selection, appointment, or removal of risk; d) support and advise the Board of Directors on the definition and evaluation of risk policies affecting the Bank; e) identify operational, technological, economic-financial, legislative, reputational, contingent liabilities, and other risks; f) define the limits and alerts of risk appetite that the BDM considers acceptable; g) identify mechanisms to mitigate the impact of identified risks; h) monitor the information systems and internal control of risk management; i) analyze the conditions of products and services offered to customers, taking into consideration the BDM's business model and risk management strategy, as well as present to the Board of Directors a correction plan, when the analysis results in the aforementioned conditions not adequately safeguarding the risks; j) follow the development of the BDM's sustainability policies and strategy; k) evaluate the incentives established in the BDM's remuneration policy, taking into account risk, share capital, liquidity, and expectations regarding economic results; l) perform systematic reviews of exposures with customers, by economic sectors, geographic zones, and types of risk; m) identify and evaluate management tools, improvement plans, project evolution, and any other relevant activity related to risk control, including the policy on internal risk models and their internal validation; n) support and advise the Board of Directors on matters of regulation and supervision by the Bank of Mozambique, as well as pronounce on the statements and reports issued by it; o) review capital planning exercises; p) analyze and validate the risk appetite proposal before its approval by the Board of Directors; q) periodically receive information on the adequacy of the risk profile to the authorized risk appetite; r) periodically receive information on the activity of the Compliance Committee; s) supervise compliance with the Policy on Prevention of Offenses; t) regularly evaluate the Policy on Prevention of Offenses, and whenever necessary resort to external advice and propose to the Board of Directors the appropriate changes; u) follow the approval and alteration processes of the Compliance Policy, the procedures related to the prevention of money laundering and terrorist financing, without prejudice to other matters that must be approved by the Board of Directors, in order to ensure they are in accordance with the Corporate Culture; and v) receive reports from the organizational unit responsible for customer service, complaints, and reports, as well as review and propose measures for their treatment.

Article 18
(Nature of the Compliance Committee)
The Compliance Committee is the body responsible for supervising compliance with legal and regulatory norms applicable to the BDM's activity, including in matters of prevention of money laundering and terrorist financing, ensuring regulatory compliance, institutional integrity, and the adequacy of internal procedures to the requirements of the Bank of Mozambique.

Article 19
(Competencies of the Compliance Committee)
It is incumbent upon the Compliance Committee:
a) monitor compliance with the legal and statutory norms of the BDM, as well as internal decisions in the areas of compliance, prevention of money laundering and terrorist financing, market abuse, securities, insider trading, product governance, analysis and monitoring of transaction lists, anti-corruption regulation, conflicts of interest, transactions with related parties, and complaints; b) supervise the management of financial crime; c) supervise compliance with the Policy on Prevention of Illicit Acts; d) be informed of the results of the assessment of money laundering and terrorist financing prevention risks at the level of the BDM's business; e) supervise the adequacy and effectiveness of the BDM's policies and procedures, taking into account the risks to which the institution is exposed and take appropriate initiatives to ensure the adoption of corrective measures; f) obtain updates on activities that expose the BDM, at least once a year, evaluate the effective functioning of the compliance function, taking into account the conclusions of any internal and external audits related to the Bank that have been carried out, including the adequacy of human, technical, and material resources allocated in the matter of financial crime management; g) pre-approve transactions with related parties concerning the BDM's activities and submit them for ratification by the Board of Directors, through delegation of powers from this body. h) follow the process of regular review of the BDM's policies; i) support the Risk Management Committee in monitoring and analyzing legislative and reputational risks relevant to the BDM; j) evaluate the complaints received by the BDM and submit to the Board of Directors an investigation report, containing the conclusions obtained and the measures to be taken; k) urge the Board of Directors to present the reasons for non-compliance with the recommendations submitted to it; l) regularly present reports on compliance issues at committee meetings; and m) request the hiring of external consultants to obtain advice and support in matters of compliance.

Article 20
(Nature of the Appointments and Remuneration Committee) The Appointments and Remuneration Committee is the body responsible for the evaluation and formulation of proposals regarding the policy on appointments, remuneration structure, perks, and performance criteria applicable to the bodies and holders of essential functions of the BDM, ensuring compliance with the principles of merit, transparency, equity, and institutional sustainability.

Article 21
(Competencies of the Appointments and Remuneration Committee) It is incumbent upon the Appointments and Remuneration Committee:
a) present proposals on remuneration matters to be adopted by competent bodies, regarding the President and Secretary of the Presidium of the General Assembly, members of the Board of Directors, the Supervisory Board, the Specialized Committees, and the BDM workers; b) provide support and advice regarding the design of the institution's remuneration policy, presenting proposals on its content; c) participate in the monitoring of remuneration processes, policies, and practices; d) verify if the existing remuneration policy is updated and, if necessary, make proposals for alteration; e) analyze the need for the appointment of external consultants in matters of remuneration; f) ensure the adequacy of information provided to shareholders on remuneration policies and practices, namely in matters of the highest ratio; g) evaluate the mechanisms and systems adopted to ensure that remuneration takes into account all types of risks, as well as liquidity levels and own funds, so that the overall remuneration policy is coherent with market practices and promotes effective risk management and harmonization with the strategy, objectives, culture, values, and interests of the BDM; h) analyze scenarios to test how remuneration policies and practices react to internal and external events, as well as the criteria used to determine the attribution of remuneration; i) present to the General Assembly, the Board of Directors, and the Supervisory Board of the BDM, the report on the results of the centralized and independent assessment on the implementation of the Remuneration Policy; and j) annually evaluate, in articulation with the Risk Management and Compliance Committees, the impact of the remuneration policies of subsidiaries abroad.

Article 22
(Nature of the Audit Committee)
The Audit Committee is the body responsible for supervising the integrity of internal and external audit systems, the reliability of financial information, and the effectiveness of the BDM's internal control mechanisms, ensuring compliance with the principles of transparency, accountability, and good financial governance.

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in matters of appointments and remuneration, perks, audit, internal control, compliance, risk management, and investments, contributing to the strengthening of control, institutional development, and the improvement of the performance of the BDM's strategic areas of action, composed of three Members, one of whom is the President.

2. Under the provisions of letter u) of Article 25 of the Law creating the BDM, it is incumbent upon the Board of Directors to approve the rules of organization and functioning of the specialized committees.

Article 16
(Nature of the Risk Management Committee)
It is the body responsible for the supervision and evaluation of the effectiveness of the BDM's risk management and internal control systems, ensuring compliance with the prudential limits established by the Bank of Mozambique, applicable to the BDM's activity.

Article 17
(Competencies of the Risk Management Committee) It is incumbent upon the Risk Management Committee:
a) advise the Board of Directors on the risk appetite and the general, current, and future risk strategy of the BDM; b) assist the governing body in supervising the execution of the risk strategy and in the compliance of corporate activities with the defined risk appetite; c) decide on the proposals submitted to it for review, selection, appointment, or removal of risk; d) support and advise the Board of Directors on the definition and evaluation of risk policies affecting the Bank; e) identify operational, technological, economic-financial, legislative, reputational, contingent liabilities, and other risks; f) define the limits and alerts of risk appetite that the BDM considers acceptable; g) identify mechanisms to mitigate the impact of identified risks; h) monitor the information systems and internal control of risk management; i) analyze the conditions of products and services offered to customers, taking into consideration the BDM's business model and risk management strategy, as well as present to the Board of Directors a correction plan, when the analysis results in the aforementioned conditions not adequately safeguarding the risks; j) follow the development of the BDM's sustainability policies and strategy; k) evaluate the incentives established in the BDM's remuneration policy, taking into account risk, share capital, liquidity, and expectations regarding economic results; l) perform systematic reviews of exposures with customers, by economic sectors, geographic zones, and types of risk; m) identify and evaluate management tools, improvement plans, project evolution, and any other relevant activity related to risk control, including the policy on internal risk models and their internal validation; n) support and advise the Board of Directors on matters of regulation and supervision by the Bank of Mozambique, as well as pronounce on the statements and reports issued by it; o) review capital planning exercises; p) analyze and validate the risk appetite proposal before its approval by the Board of Directors; q) periodically receive information on the adequacy of the risk profile to the authorized risk appetite; r) periodically receive information on the activity of the Compliance Committee; s) supervise compliance with the Policy on Prevention of Offenses; t) regularly evaluate the Policy on Prevention of Offenses, and whenever necessary resort to external advice and propose to the Board of Directors the appropriate changes; u) follow the approval and alteration processes of the Compliance Policy, the procedures related to the prevention of money laundering and terrorist financing, without prejudice to other matters that must be approved by the Board of Directors, in order to ensure they are in accordance with the Corporate Culture; and v) receive reports from the organizational unit responsible for customer service, complaints, and reports, as well as review and propose measures for their treatment.

Article 18
(Nature of the Compliance Committee)
The Compliance Committee is the body responsible for supervising compliance with legal and regulatory norms applicable to the BDM's activity, including in matters of prevention of money laundering and terrorist financing, ensuring regulatory compliance, institutional integrity, and the adequacy of internal procedures to the requirements of the Bank of Mozambique.

Article 19
(Competencies of the Compliance Committee)
It is incumbent upon the Compliance Committee:
a) monitor compliance with the legal and statutory norms of the BDM, as well as internal decisions in the areas of compliance, prevention of money laundering and terrorist financing, market abuse, securities, insider trading, product governance, analysis and monitoring of transaction lists, anti-corruption regulation, conflicts of interest, transactions with related parties, and complaints; b) supervise the management of financial crime; c) supervise compliance with the Policy on Prevention of Illicit Acts; d) be informed of the results of the assessment of money laundering and terrorist financing prevention risks at the level of the BDM's business; e) supervise the adequacy and effectiveness of the BDM's policies and procedures, taking into account the risks to which the institution is exposed and take appropriate initiatives to ensure the adoption of corrective measures; f) obtain updates on activities that expose the BDM, at least once a year, evaluate the effective functioning of the compliance function, taking into account the conclusions of any internal and external audits related to the Bank that have been carried out, including the adequacy of human, technical, and material resources allocated in the matter of financial crime management; g) pre-approve transactions with related parties concerning the BDM's activities and submit them for ratification by the Board of Directors, through delegation of powers from this body. h) follow the process of regular review of the BDM's policies; i) support the Risk Management Committee in monitoring and analyzing legislative and reputational risks relevant to the BDM; j) evaluate the complaints received by the BDM and submit to the Board of Directors an investigation report, containing the conclusions obtained and the measures to be taken; k) urge the Board of Directors to present the reasons for non-compliance with the recommendations submitted to it; l) regularly present reports on compliance issues at committee meetings; and m) request the hiring of external consultants to obtain advice and support in matters of compliance.

Article 20
(Nature of the Appointments and Remuneration Committee) The Appointments and Remuneration Committee is the body responsible for the evaluation and formulation of proposals regarding the policy on appointments, remuneration structure, perks, and performance criteria applicable to the bodies and holders of essential functions of the BDM, ensuring compliance with the principles of merit, transparency, equity, and institutional sustainability.

Article 21
(Competencies of the Appointments and Remuneration Committee) It is incumbent upon the Appointments and Remuneration Committee:
a) present proposals on remuneration matters to be adopted by competent bodies, regarding the President and Secretary of the Presidium of the General Assembly, members of the Board of Directors, the Supervisory Board, the Specialized Committees, and the BDM workers; b) provide support and advice regarding the design of the institution's remuneration policy, presenting proposals on its content; c) participate in the monitoring of remuneration processes, policies, and practices; d) verify if the existing remuneration policy is updated and, if necessary, make proposals for alteration; e) analyze the need for the appointment of external consultants in matters of remuneration; f) ensure the adequacy of information provided to shareholders on remuneration policies and practices, namely in matters of the highest ratio; g) evaluate the mechanisms and systems adopted to ensure that remuneration takes into account all types of risks, as well as liquidity levels and own funds, so that the overall remuneration policy is coherent with market practices and promotes effective risk management and harmonization with the strategy, objectives, culture, values, and interests of the BDM; h) analyze scenarios to test how remuneration policies and practices react to internal and external events, as well as the criteria used to determine the attribution of remuneration; i) present to the General Assembly, the Board of Directors, and the Supervisory Board of the BDM, the report on the results of the centralized and independent assessment on the implementation of the Remuneration Policy; and j) annually evaluate, in articulation with the Risk Management and Compliance Committees, the impact of the remuneration policies of subsidiaries abroad.

Article 22
(Nature of the Audit Committee)
The Audit Committee is the body responsible for supervising the integrity of internal and external audit systems, the reliability of financial information, and the effectiveness of the BDM's internal control mechanisms, ensuring compliance with the principles of transparency, accountability, and good financial governance.

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Article 23
(Powers of the Audit Committee)

1. It is the responsibility of the Audit Committee to:
   a) provide support to the organizational unit responsible for internal audit, as well as, in alignment with the compliance of compliance activities and risk management; b) issue an opinion on the activity plans, activity reports, and internal control area regulations to be approved by the Board of Directors; c) participate in the performance evaluation of the internal control area and its respective managers; d) pronounce on the contracting of services by the internal control area; e) issue recommendations on the appointment, replacement, dismissal, and removal of the managers of the internal control area; f) review and monitor the process of managing internal control deficiencies; g) issue an opinion on the internal audit reports, internal control system, risk management, adequacy and effectiveness of organizational culture, and the Board of Directors reports; h) issue an opinion on the policies and procedures to support the BDM's risk management system; and i) carry out control actions, based on a multi-year activity plan.
2. In the context of irregularity reports, conflict of interest management, and transactions with related parties, the Audit Committee is also responsible for:
   a) issuing an opinion on internal standards, the Related Party Transactions Policy, the Global Conflict of Interest Prevention and Management Policy, and the Whistleblowing Policy and Procedures; b) receive, process, and archive irregularity reports related to administration, accounting organization, and internal oversight, as well as indications of offenses provided for in the BDM Creation Law and other applicable legislation; c) keep updated the list of related parties and their transactions; and d) issue an opinion on the assessment of related party transactions, to ensure their compliance with market conditions and prevent the occurrence of conflicts of interest.

Article 24
(Nature of the Investment Committee)
The Investment Committee is responsible for the analysis, evaluation, and formulation of recommendations on investment operations, aiming at maximizing risk-adjusted return, portfolio diversification, and compliance with strategic, legal, and regulatory guidelines.

Article 25
(Powers of the Investment Committee)
It is the responsibility of the BDM Investment Committee to:
a) analyze the performance of the Investments area, according to the objectives established by the Investment Policy; b) evaluate the macroeconomic scenario and market expectations within the scope of BDM strategies; c) assess the economic-financial, technical, legal, environmental, social, and reputational feasibility of investment operations; d) assist in investment allocation processes; e) periodically monitor the execution of approved operations and recommend corrective measures whenever significant deviations are identified; f) monitor the Investment Policy of BDM assets; g) analyze the returns obtained, by comparison with previously established objectives; h) monitor the performance of the investment portfolio, evaluating the profitability, quality, diversification, and sustainability of the investments made; i) monitor the degree of risk assumed for the level of return obtained; j) recommend to the Board of Directors changes to the Investment Policy and other normative instruments whenever market conditions, institutional strategy, or the regulatory framework justify them; and k) inform the Board of Directors about the availability of resources in case of significant changes in BDM cash flow.

CHAPTER III
Financing
SECTION I
BDM Funding Sources
Article 26
(Funding Sources)
The BDM funding sources are:
a) equity capital; b) loans or donations from bilateral, multilateral partners, or financial institutions; c) financial resources from institutions of the indirect administration of the State and the State enterprise sector; d) own revenues, income obtained from the application of resources, notably repayments, interest on loans, and other revenues; e) incorporation of positive results; f) a percentage of the investment portfolio arising from social security contributions;

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17 SEPTEMBER 2026 1789 g) a percentage of revenues from the extractive sector; h) State Budget allocations; and i) others legally permitted.

Article 27
(Other Funding Sources)
The BDM may resort to other funding sources, provided they are compatible with its object, do not compromise its independence, and are previously authorized by resolution of the General Assembly.

SECTION II
Revenues from Social Security and Pension Funds
Article 28
(Revenues from Mandatory Social Security)

1. For the purposes of the provision in item f) of Article 41 of the Law creating the BDM, resources corresponding to a maximum limit of 25% of the investment portfolio of the Mandatory Social Security Funds managed by the National Social Security Institute (INSS) may be applied in this Bank, gradually.
2. The limit provided in the previous paragraph constitutes the maximum global exposure and, consolidated to the BDM, the effective amount must be determined on a case-by-case basis, according to the most recent actuarial study, treasury needs, asset and liability management, and the INSS Investment and Strategy Policy.
3. The application of resources is carried out through financial instruments which must establish, the remuneration rate, repayment conditions, monitoring mechanisms, deadlines, and guarantees, with remuneration being compatible with risk.
4. The application must be preceded by the resolution of the Board of Directors of INSS, in accordance with specific legislation.
5. INSS may suspend, reduce, or review applications whenever financial, liquidity, or risk actuarial studies indicate the existence of a threat to solvency, liquidity, profitability, portfolio diversification, or the fulfillment of present and future responsibilities of the funds, with the respective repayment occurring within a period of up to 30 days.

Article 29
(Revenues from Pension Funds)

1. For the purposes of the provision in item f) of Article 41 of the Law, 25% of the investment portfolio and bank deposits of the Pension Funds managed by the National Pension Institute may be channeled to the BDM.
2. The channeling provided in the previous paragraph cannot compromise the solvency, liquidity, or fulfillment of the responsibilities of the social security pension funds towards their respective beneficiaries and observes the applicable prudential and investment limits.
3. The application of resources is remunerated under concessionary conditions and formalized in a specific instrument, which must include the remuneration rate, term, guarantees, and repayment conditions.

SECTION III
Revenues from the Extractive Sector
Article 30
(Revenues from the Extractive Sector)

1. For the purposes of item g) of Article 41 of the Law, a percentage of the State revenues from the extractive sector is channeled to the BDM, fixed annually in the State Budget Law.
2. The tax base for the percentage referred to in the previous paragraph corresponds to the fiscal and non-fiscal revenues of the State arising from extractive activity, without prejudice to allocations legally established in favor of other public funds.
3. The transfer of revenues is operationalized by the Ministry that oversees the area of Finance, in articulation with the Ministry that oversees the area of Mineral Resources.
4. The revenues allocated to the BDM under the terms of this article are exclusively intended for the financing of structuring projects and strategic infrastructure, cannot be applied to current expenditure, and are subject to annual publication in the management and accounts report.

SECTION IV
Implementing Entities
Article 31
(Organization and Operation of Implementing Entities)

1. For the realization of its object, the BDM resorts to implementing entities which must take the form of credit institutions and finance companies, as well as investment funds.
2. Implementing entities assume responsibility for the disbursement of financial resources to beneficiaries and for the receipt of the respective capital and interest repayments.
3. Implementing entities are accredited by the Board of Directors of the BDM, through criteria that take into account, notably, the regularity of the entity's situation with the Bank of Mozambique, its financial solidity, technical and operational capacity, and territorial coverage.
4. The BDM may suspend or revoke the accreditation of the implementing entity that fails to comply with contractual conditions or applicable norms, without prejudice to the contractual sanctions stipulated.

Article 32
(Eligibility Criteria for Financing)

1. For the purposes of this Regulation, projects and enterprises that meet the following material qualification criteria are eligible for financing by the BDM:
   a) strategic framework: the project must fit into the national economic policy, the Government's medium and long-term development strategies and plans, as well as the strategic areas of BDM's operation defined in its Creation Law; b) technical, environmental, and economic-financial feasibility: the project must be supported by a feasibility study demonstrating its technical execution capacity, environmental compliance, and economic-financial sustainability, including the demonstration of cash flow, indicators of profitability of invested capital, net present value, and internal rate of return of the project; c) contribution to national development or economic-financial additionality: the project must demonstrate, in a measurable way, its positive impact on the economic, social, and sustainable development of the Country, notably through the creation of jobs for national citizens, the transfer of technology and know-how, the strengthening of local value chains, and the contribution to the generation of fiscal revenues; d) suitability and capacity of the promoter: the proponent must demonstrate adequate technical, financial, and management capacity for the execution of the project, as well as proven suitability and integrity, based on criteria of investment size, production level or service provision, and impact of expected financial and socio-economic benefits; e) equitable benefit sharing and risk assumption: the project must provide for transparent mechanisms for sharing expected financial and socio-economic benefits, as well as the adequate identification, assessment, and allocation of risks between the parties; f) absence of conflicts of interest: the proponent and its representatives cannot hold, assume, or exercise interests, functions, or competencies incompatible with the good execution of the project, notably conflicts of interest of a business or institutional nature; and g) legal and regulatory compliance: the project must respect applicable Mozambican legislation, including standards related to investment, environment, competition, labor, and State oversight, as well as guiding principles, notably the principles of legality, purpose, reasonableness, proportionality, transparency, equality, competition, and good economic-financial management.
2. The assessment of project eligibility for financing by the BDM is carried out based on a reference economic-financial model, approved by the Board of Directors of the BDM, which must include, among others, the following analysis elements:
   a) the basic assumptions of the project, including investment forecasts, installed capacity, equity and debt capital, prices, interest rates, inflation, production volume, and foreseeable risks; b) the demonstration of expected operational results, before and after amortizations and taxes, as well as solvency and profitability indicators of applied capital; c) the total net present value and its distribution among investors, financiers, the State, local communities, and other beneficiary parties; and d) the dimension of expected financial and socio-economic benefits, including the assessment of risks of conflicts of interest of a business and institutional nature, as well as economic-financial, environmental, and other risks that may affect the State, public funds, the national economy, and Mozambican society.
3. Without prejudice to the provision in paragraph 1 of this article, the BDM may define by internal regulation to be approved by the General Assembly, upon proposal of the Board of Directors, additional eligibility and project selection criteria, including minimum and maximum financing limits, priority intervention sectors, and specific guarantee requirements, adequate to its funding sources and its model of operation.

CHAPTER IV
Social Capital
SECTION I
Realization, Transmission, and Amortization of Shares
Article 33
(Social Capital)
The social capital of the BDM is 32,000,000,000.00 MT (thirty-two billion Meticais), subscribed and realized by the State, which may alienate part of it up to a limit of 49% to other entities, notably development financial institutions, multilateral banks, and similar national and international entities.

Article 34
(Realization of Social Capital)

1. The realization of the BDM's social capital may be deferred for up to 5 years, without prejudice to alteration with the entry of new shareholders, based on a phased plan approved by the Council of Ministers, upon proposal of the Minister who oversees the area of Finance.
2. The social capital of the BDM is realized in annual fractions of 6,400,000,000.00 MT (six billion four hundred million Meticais).

Article 35
(Shares)

1. The social capital of the BDM is divided into 32,000,000 (thirty-two million) shares.
2. In case of an increase in social capital, shareholders have a right of preference in subscription, in proportion to their participations or in another way, as to be decided by the General Assembly.

Proof
17 SEPTEMBER 2026 1791
Article 36
(Type of Shares)
The shares are registered.

Article 37
(Category of Shares)

1. The shares are registered and grouped into two categories, namely:
   a) ordinary shares; and b) preference shares.
2. Ordinary shares ensure to their holder the fullness of shareholder rights, including the right to vote on matters put to vote at the General Assembly and the right to elect the members of the society's governing bodies.
3. Preference shares confer on their holder priority dividends in each economic year, in accordance with applicable legislation, by resolution of the General Assembly.
4. Shares may be divided into series or class, in accordance with applicable legislation.
5. The strategic investor of the society may be recognized the right to preference shares that confer special rights, as to be decided by the General Assembly.
6. The General Assembly may approve the issuance and attribution of book-entry shares, defining their respective terms and conditions.

Article 38
(Transmission of Shares)

1. Shares are transmitted for consideration, by resolution of the General Assembly.
2. The shareholder who intends to alienate the shares must communicate with the society at least thirty days in advance, through registered letter or other means of communication that leaves written proof, making known the sale project and its respective contractual conditions, notably the price, term, and form of payment.
3. Shareholders holding ordinary shares and the society enjoy preference in the transmission of shares.
4. If bonds are issued by the society, the transmission of shares must occur simultaneously with the transmission of bonds subscribed by the shareholder.

Article 39
(Amortization of Shares)

1. Regardless of the consent of their respective holders, the society may deliberate the amortization of shares whenever:
   a) the shares have been transmitted in violation of the provisions of the previous article; b) the shares are pledged, arrested, encumbered, given as security, or, for any other reason, cease to be freely available to their holder, without the consent of the society; and c) their respective holders adopt disloyal or seriously disruptive behavior towards the functioning of the society that causes or may cause relevant damages.
2. The amortization provided for in this article implies the reduction of the social capital corresponding to the nominal value of the amortized shares and the extinction of these.
3. The amortization of shares is deliberated in the General Assembly and communicated by the administration to the holder shareholders.
4. The amortization is carried out at the book value of the shares resulting from the last approved balance sheet, and the respective payment may be made in six interest-free semi-annual installments.
5. The amortization resolution must be taken within a period of up to six months subsequent to the occurrence of the fact that grounds it or to its knowledge by the other shareholders.

Article 40
(Accessory Installments)

1. The shareholder may make monetary accessory installments.
2. The making of monetary accessory installments is deliberated by the General Assembly, which by absolute majority of votes, fixes its maximum global amount and the term of its realization.
3. Only the shareholder who votes in favor of its realization makes monetary accessory installments.
4. In the absence of a resolution to the contrary, the monetary accessory installments are proportional to the participations in the social capital.
5. Monetary accessory installments can only be returned to the shareholder if the net equity is not lower than the sum of the capital and the legal reserve.
6. The return of monetary accessory installments is deliberated by the General Assembly, in accordance with applicable legislation.

SECTION II
Loans or Donations
Article 41
(Loans or Donations)
The BDM may contract loans and receive donations from bilateral, multilateral partners, or financial institutions, provided they do not compromise its autonomy and its objectives.

Article 42
(Purpose)
The loans or donations granted to the BDM must be applied to the financing of structuring development projects and strategic infrastructure, to promote the economic, social, and sustainable development of the Country, within the scope of its attributions.

Article 43
(Conditions for Contracting)

1. The BDM may only contract loans or receive donations within the scope of its object.
2. The contracting of loans or donations by the BDM must be previously authorized by the General Assembly, upon proposal of the Board of Directors.

1792 I SERIES — NUMBER 178
Proof
CHAPTER V
Financial Resources
Article 44
(Financing)

1. Institutions of the indirect administration of the State, endowed with administrative, financial, and patrimonial autonomy, and the state business sector, must channel to the BDM, at least up to 25% of their portfolio of financial investments and deposits in the first year of the BDM's operationalization.
2. In the years subsequent to the operationalization referred to in paragraph 1 of this article, the institutions of the indirect administration and the state business sector must channel to the BDM at least 20% of their portfolio of financial investments and deposits.
3. The provisions in the preceding paragraphs do not apply to the Bank of Mozambique.

Article 45
(Issue of Bonds)

1. The BDM may issue bonds, in accordance with the applicable legal provisions and under the conditions fixed by the General Assembly.
2. The bonds may be convertible into shares upon approval by the General Assembly, which will define the respective conditions.
3. The shareholder holding ordinary shares has the right of preference in the subscription of the bond convertible into shares.

Article 46
(Own Bonds)
By resolution of the General Assembly, the BDM may, within legal limits, acquire its own bonds and carry out on them all operations convenient to the social interests, namely proceeding to their conversion or amortization.

CHAPTER VI
Sanctioning Regime
SECTION I
Offenses

Article 47
(Applicable Law)

1. The offenses provided for in this chapter apply to the managers and collaborators of the BDM.
2. The provisions of the criminal legislation, insofar as applicable, also apply to the managers and collaborators of the BDM.
3. The contraventional process provided for in this chapter is governed by the provisions contained therein and by the Law on Credit Institutions and Financial Companies and its Regulation, insofar as applicable.

Article 48
(Graduation of the Sanction)

1. The determination of the sanction is made based on the illegality of the fact, the fault of the agent, and the requirements of prevention, also taking into account the individual nature of the agent.
2. For the purposes of sanction graduation, in determining the illegality of the fact and the requirements of prevention, the following circumstances are taken into account:
   a) the danger or damage caused to the financial system or to the national economy; b) the occasional or repeated nature of the offense; c) the degree of participation of the accused in the commission of the offense; d) the existence of a benefit, or intention to obtain one, for oneself or for another; e) the existence of damages caused to a third party by the offense and its importance, when this is determinable; f) the duration of the offense; and g) if the contravention consists in the omission of the practice of a due act, the time elapsed since the date on which the act should have been practiced.
3. For the purposes of sanction graduation, in determining the fault of the agent and the requirements of prevention, the following circumstances are taken into account:
   a) the intent or negligence; b) the level of responsibilities, scope of functions, and sphere of action in the legal entity in question; and c) the special duty not to commit the offense.
4. For the purpose of the graduation of the applicable sanction, the following circumstances are especially taken into account:
   a) the economic situation of the accused; b) the previous conduct of the accused; c) the existence of acts of concealment tending to hinder the discovery of the offense; d) the existence of acts by the agent intended to, on their own initiative, repair the damages or obviate the dangers caused by the offense; and e) the level of collaboration of the accused.

Article 49
(Contraventions)
Constitute punishable contraventions:
a) the non-observance of the imperative norms of this Regulation and other normative acts, including norms emanating from the Bank of Mozambique; b) the non-observance of the determinations of the Bank of Mozambique; c) non-observance of relationships, ratios, and prudential limits, when this results or may result in serious prejudice to the financial equilibrium of the BDM; d) the unjustified omission or delay in the publication of mandatory information, in legal or regulatory terms; e) the non-observance of the accounting norms and procedures required by law or by the Bank of Mozambique; f) the violation of the duty of information; g) the omission of information and communications due to the Bank of Mozambique, within the established deadlines, and the provision of incomplete information;

Proof
17 SEPTEMBER 2026 1793 h) the omission of the declaration of conflicts, the undue participation in deliberations, or the use of the position for personal benefit, as well as the violation of the norms on conflicts of interest provided for in the applicable legislation; i) the failure to present, update, or review plans when required by the Bank of Mozambique; j) the exercise of activities alien to its object or the realization of unauthorized or prohibited operations; k) the violation of the norms on conflicts of interest provided for in the applicable legislation; l) the non-compliance with corrective measures or other determinations issued by the Bank of Mozambique; m) the exercise of any positions or functions in the BDM, in violation of legal prohibitions or contrary to the express opposition of the Bank of Mozambique; n) the intentional acts of harmful management, practiced by the members of the social organs; o) the falsification of accounting, as well as the non-observance of other applicable accounting rules, to the detriment of the knowledge of the patrimonial and financial situation of the entity in question; p) the omission of communication to the Bank of Mozambique of facts that constitute a subsequent lack of adequacy for the exercise of the position of members of administration or oversight organs; q) the provision to the Bank of Mozambique of false information, or of incomplete information capable of inducing erroneous conclusions of identical or similar effect to what false information on the same object would have; and r) the violation of the imperative precepts of this Regulation and of other applicable legislation to the BDM.

Article 50
(Obstruction to Oversight)
Constitute a particularly grave contravention, the obstruction to oversight practiced by a member of the administration or oversight organ, holder of a management, leadership, or trust position, collaborator, mandatary, or representative of the BDM, who refuses, hinders, or obstructs the exercise of oversight or supervision functions by the Bank of Mozambique, and is punishable under the applicable legislation.

Article 51
(Fines)

1. The contraventions provided for in this Regulation are punishable by fines ranging from ten to five hundred minimum salaries of the banking sector.
2. Without prejudice to the fines referred to in the preceding paragraph, the following sanctions may be applied:
   a) seizure and forfeiture to the State of the object of the offense, including its economic product; b) publication by the Bank of Mozambique of the definitive punishment, at the expense of the condemned; c) prohibition from exercising social positions and management functions in credit institutions and financial companies, for a period of six months to six years; and d) suspension of the exercise of the right to vote, when applicable.
3. The publication referred to in paragraph b) of paragraph 2 of this article is made in the most read and highest circulation newspaper in the Country.
4. The fine applied under the terms of this Regulation, if not voluntarily paid within the legal deadline, is subject to the coercive debt collection procedure for the benefit of the State.
5. The value of the fine is doubled whenever the economic benefit obtained by the contravening person exceeds the maximum limit of the fine in concrete that would apply to the case.

II
Contraventional Process
SUBSECTION I
Instruction

Article 52
(Secret of Justice)

1. The process of contraventions is subject to the secret of justice until the administrative decision is rendered.
2. From the moment he is notified to exercise his right of defense, the accused has the right to consult the records and obtain copies, extracts, and certificates or any other document of the process, as well as constitute a mandatary for this purpose.
3. The exceptions provided for in the Code of Criminal Procedure for the regime of secret of justice are applicable to the process of contraventions, with the due adaptations.

Article 53
(Instruction and Processing)

1. It is the competence of the Bank of Mozambique to instruct, process, and decide on processes of contraventions practiced under the terms of this Regulation.
2. Once the process is instituted, the accused is notified of the statement of charges to, if desired, present a written defense, within a deadline of ten days.
3. The statement of charges and the other procedural acts must be notified directly and personally to the accused or by registered mail with acknowledgment of receipt.
4. In cases where the accused is not found or refuses to receive the notification, this must be notified to his mandatary if he has constituted one with powers for this purpose.
5. If it has not been possible to notify the accused under the terms of the preceding paragraph, notification by announcement is considered valid, and it must be published twice in a row in one of the newspapers of the location of the last known residence or at the headquarters of the BDM.
6. The notification is also made by edict, and edicts must be posted at the headquarters of the BDM and the Bank of Mozambique or at the branch of the area of the last domicile of the accused and at the door of the last residence or foreign branch of the BDM.
7. During the inquiry or instruction, the Bank of Mozambique may request the collaboration and assistance of other public or private entities or authorities for the realization of diligences judged essential for the discovery of material truth.
8. During the instruction, whenever the Bank of Mozambique ascertains the existence of criminal indications, it must inform the Public Ministry, accompanied by all existing probative elements, for the purposes of instituting the competent criminal procedure.

Article 54
(Appeal of Convicting Decisions)

1. The convicting decisions for contraventions provided for in this Regulation are subject to appeal, to the Provincial Judicial Court where the offense occurred, to be lodged within a deadline of 15 days from its knowledge by the accused.
2. The appeal has a suspensive effect when the accused previously deposits, in a credit institution to the order of the instructing entity, the amount of the fine applied, unless the seized values prove sufficient for this purpose.

Article 55
(Intervention of the Bank of Mozambique in the Contentious Phase)

1. The Bank of Mozambique may, at all times, participate in all phases in the judicial challenge processes of its decisions, through a judicial mandatary.
2. The participation referred to in the preceding paragraph includes the presentation of written and oral allegations, the intervention in the production of evidence, and the lodging of appeals of appealable decisions and other procedural acts permitted by Law.

SUBSECTION II
Publication of the Decision

Article 56
(Disclosure of the Decision)

1. The decision that condemns the offender for the practice of one or more offenses may be disclosed by the means the Bank of Mozambique deems convenient, in full or by extract that includes, at least, the identity of the condemned and information on the type and nature of the offense, even if it has been judicially challenged, in which case, express mention of this fact is made.
2. The judicial decision that confirms, alters, or revokes the convicting decision of the Bank of Mozambique or of the first instance court is mandatorily disclosed under the terms of paragraph 1 of this article.
3. The disclosure takes place in an anonymous regime, if:
   a) the sanction is imposed on a natural person and, following a mandatory prior assessment, it is demonstrated that the publication of personal data is disproportionate to the gravity of the offense; b) the disclosure puts in question the stability of the financial markets or compromises an ongoing criminal investigation; and c) the publication may, as far as possible to determine, cause disproportionate damages, relative to the gravity of the offense, to the persons in question.
4. If it is foreseen that the circumstances provided for in paragraph 3 of this article may cease within a reasonable deadline, the publication of the identity of the condemned natural person may be postponed during this period.
5. The information disclosed under the terms of paragraphs 1, 2, 3, and 4 of this article, when published on the Internet page of the Bank of Mozambique, remains available for 5 years, counted from the moment the convicting decision becomes definitive or res judicata, and cannot be indexed by Internet search engines.
6. Regardless of the res judicata, judicial decisions relating to the crime of illicit activity of receiving deposits and other reimbursable funds are disclosed by the Bank of Mozambique under the terms of this article.

CHAPTER VII
Human Resources Management

Article 57
(Personnel Regime)
To the personnel of the BDM applies the labor regime of the Labor Law, other applicable labor legislation, and internal human resources management instruments approved by the institution.

Article 58
(Performance Evaluation)

1. The BDM adopts an evaluation system based on merit, competencies, and continuous achievement of established objectives.
2. The performance evaluation of the BDM collaborator is systematic and periodic, under the terms of its own regulation.

Article 59
(Training and Development)

1. The BDM promotes the continuous training of its workers based on a human resources development plan.
2. Priority in the process of change and career progression is granted to the worker whose training focuses on one of the areas related to the priority activity of the sector or provided for in the Human Resources Development Plan of the respective sector.
3. The attendance of training and development courses for the BDM workers is mandatory when they have been previously selected or indicated for this purpose.

Article 60
(Responsibility in Training)
The training of the BDM worker is the responsibility of its respective manager, namely in the following aspects:
a) monitoring and direction of the work process to enable it to develop professional competencies and skills; b) evaluation of the worker's activities with a view to selecting those who should attend professional courses or others for the elevation of their professional skills; c) ensuring that the worker selected for training courses meets the pre-established requirements for attendance; and d) adequate integration of the worker, according to their qualifications and professional experience.

CHAPTER VIII
Financial and Patrimonial Management
SECTION I
Financial Management

Article 61
(Principles of Financial Management)
The financial management of the BDM observes the principles of legality, prudence, efficiency, transparency, and sustainability.

Article 62
(Management Instruments)

1. The financial management instruments of the BDM are the Strategic Plan, Business Plan, Annual Activity Plan and Budget, and the Economic-Financial Performance Matrix, and are approved by the General Assembly.
2. The Manuals and internal financial management policies are approved by the Board of Directors, after favorable opinions from the specialized Committees.
3. The Manuals and internal financial management policies obey the special regime, applicable to the BDM, without prejudice to the norms applicable to the banking sector insofar as adequate.

SECTION II

Article 63
(Principles of Patrimonial Management)
The patrimonial management of the BDM observes the principles of legality, efficiency, economy, transparency, conservation, control, sustainability, and inventory.

Article 64
(Patrimonial Management Instruments)

1. The patrimonial management instruments of the BDM are the Inventory, Patrimonial Variations, the Regulation on Alienation of Goods and Rights, the Regulation on Procurement of Goods and Services, and are approved by the General Assembly.
2. The Manuals and internal patrimonial management policies are approved by the Board of Directors, after favorable opinions from the specialized Committees.

Article 65
(Patrimonial Universe)

1. Constitutes the patrimony of the BDM any movable or immovable property that belongs to it, subject to registration, in a competent legal entity, in Mozambique or abroad, including rights of any kind under the same conditions.
2. Also constitutes the patrimony of the BDM any movable property that belongs to it, not subject to registration in Mozambique or abroad.

Article 66
(Acquisition or Alienation of Movable Goods)
The acquisition or alienation of movable goods is authorized by the Board of Directors, which must request opinions from the specialized committees, whenever the goods in question have characteristics or technical specificities that require specialized knowledge.

Article 67
(Acquisition or Alienation of Immovable Goods and Rights) The acquisition or alienation of immovable goods and rights is authorized by the General Assembly, which must request opinions from the specialized committees, whenever the goods or rights in question have characteristics or technical specificities that require specialized knowledge.

Article 68
(Prudence)

1. The acquisition or alienation of movable goods, immovable goods, and rights of any kind, can only occur when it proves convenient for the BDM.
2. The patrimonial universe of the BDM is subject to annual evaluation carried out by the organizational unit responsible for patrimonial management or by entities contracted for this purpose.
3. The workers, holders of essential positions, and the members of the social organs of the BDM have the duty to manage the BDM's assets efficiently, practicing all acts and operations necessary for their conservation.
4. The organizational unit responsible for the management of the BDM's patrimony must propose to the Board of Directors measures of organization, use, and conservation of the BDM's assets.
5. In the execution of the policies and strategies for the management of the BDM's assets, the Board of Directors promotes the best practices of the banking sector, especially the aspects of environmental sustainability.

Article 69
(Public Tender)

1. The process of acquisition or alienation of goods is subject to public tender, except in cases where it is not applicable by force of law or contract.
2. The members of the social organs, holders of essential positions, and the workers of the BDM cannot acquire goods in public tenders of the same.

Price — 70.00 MT
NATIONAL PRESS OF MOZAMBIQUE, E.P.