African Development Bank grants US$100 million loan to Southern Africa

26 July 2006

Maputo, Mozambique, 26 July – The African Development Bank (ADB) is set to grant the Southern Africa Development Community (SADC) a US$100 million loan to be used on projects within the community, which i9ncludes Angola and Mozambique, officials have said.

Around 80 percent of the amount is earmarked to finance the construction and refurbishment of infrastructures in member-countries, particularly in the power, transport, water and sanitation sectors.

The remaining 20 percent is due to go to the mining, tourism and financial sectors, according to Mozambican daily newspaper, Canal de Moçambique.

These projects are expected to create 3,000 jobs in rural areas of SADC countries, according to the bank.

The management of the loan, which was approved at the latest ADB meeting in Tunisia, was handed over to the Development Bank of South Africa.

This bank has already financed projects to the value of US$460 million in Mozambique and South Africa, namely the construction of the Temane gas pipeline.

The SADC was set up in 1980 and currently has Angola, Botswana, the Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe as its members. (macauhub)