Mozambique searches for US$262 million to finance road network expansion

5 June 2006

Maputo, Mozambique, 05 June – Mozambique is looking for an international financer for a quarter of the investment needed to carry out its Roads and Bridges Program, valued at a total of US$1.14 billion.

According to local daily newspaper, Canal de Moçambique, the program, will receive US$628 million in financing from the Mozambican state budget.

A further US$250 million are expected to be granted by the World Bank’s International Development Association, which is due to analyze the project in November.

The remaining US$262 million, around a quarter of the total, has yet to be funded and the government is making contacts in order to move ahead with the project next yaer, the paper said.

Mozambique is currently concluding the Roads and Bridges Program for 2002/2006, which was positively assessed by the international community at the end of last year.

The new program, for the four years following 2007, includes maintenance of the existing network and the conclusion of road links between the country’s main administrative and economic cities. (macauhub)