Maputo, Mozambique, 12 June – The signing of the final agreement to transfer control of the Cahora Bassa Hydroelectric dam (HCB) from Portugal to Mozambique is currently awaiting European Union (EU) approval, said Portugal’s Health Minister, António Correia de Campos in Maputo.
Campos made the announcement Friday while speaking to hundreds of guests celebrating Portugal’s national day, June 10.
Describing the final agreement as “crucial for boosting relations between the two countries,” Campos pointed to next summer as the probable time for the transfer to official take place.
Based on a memorandum of understanding signed in October 2005 in Lisbon, Mozambique will increase its stake in HCB from 18 to 85 percent, while Portugal will reduce its stake from 82 percent to 15 percent.
Portugal accepted reducing its stake in the dam in exchange for compensation of 785 million euros, charged for the maintenance of the facility since it was built in 1974. (macauhub)