Norway grants US$200 million for cooperation with Mozambique

10 February 2006

Maputo, Mozambique, 10 Feb – Norway will support Mozambique’s debt repayment and grant the country US$50 million a year until 2010, a total of US$200 million, for cooperation projects, the Mozambican press reported.

A memorandum of understanding for cooperation between the two countries in the next four years was signed Thursday in Maputo, during a visit by Norway’s Minister for International Development, Erik Solheim.

During the visit Norway officially announced it had granted Mozambique US$13.5 million for repayment of debts to international creditors, as part of an agreement with the World Bank.

Norway is currently one of Mozambique’s largest international donors, along with the United Kingdom, Italy and Portugal.

At the beginning of February, Norwegian oil company Norsk Hydro presented a proposal for oil exploration in the Rovuma basin, a tender which has also received bids from Brazil’s Petrobrás, Malaysia’s Petronas and Italy’s Eni, among others.

Norway’s DNO is also currently prospecting for oil in Inhaminga, in the Mozambican central province of Sofala.(macauhub)