Maputo, Mozambique, 12 Nov – The European Investment Bank (EIB) plans to invest in sectors such as power generation and the road network along with the funding its has granted for Mozambique’s development, the bank’s chairman said in Maputo Friday.

Torsten Gersfelt, who was granted an audience with Mozambican President Armando Guebuza, said that his bank had already granted over US$500 million for several development projects in the country.

Speaking to the press after his audience with Guebuza, Gersfelt said that the EIB was involved in large projects such as Mozal, Motraco and improving the water supply to the cities of Maputo and Matola.

The water supply project will tae water to over 700,000 people in those cities.

Gersfelt said he was impressed with the progress made at the development he visited, as was the case with Mozal and the Umbeluzi water treatment plant.

Gersfelt also said that the EIB would also support small and medium-sized companies via the banking sector.

For that purpose, the EIB is due to visit Mozambique this year to interact with the banking sector on the ways of implementing this.

The European Investment Bank is a European Union institution that finances investment projects that contribute to the balanced development of the Union.

It is a public organization that promotes investment and economic cooperation between EU member states as well as Africa and the Mediterranean. (macauhub)