Kampala, Uganda, 30 Oct – The International Financial Corporation plans to grant a US$30 million loans to the Bakhresa Grain Milling company (Mozambique) to finance the Nacala port project in Mozambique, newspaper East African Business News reported in Kampala.
According to the paper the proposal by the Corporation, a branch of the World Bank for the private sector, is under public consultation.
The board of the Corporation is expected to meet on November 30.
The Bakhresa group plans to build silos for storing wheat in the port of Nacala, with the loan used to re-finance the group’s debts and to acquire capital goods to operate four mills in Malawi and Tanzania.
The IFC said that this project will have a significant impact on maintaining and creating jobs as well as in food safety.
As well as this, it will increase tax revenues in Mozambique and Malawi and will also increase railroad operations between the two countries. (macauhub)