Mozambique: Portugal to immediately hand over 5 percent of Cahora Bassa to Mozambique

28 November 2007

Songo, Mozambique, 28 Nov – Portugal is to immediately make available to Mozambique 5 percent of its stake of 15 percent retained in the Cahora Bassa hydroelectric dam (HCB), the Portuguese finance minister said Tuesday in Songo.

Under the terms of a deal signed last December, Mozambique has seen its stake in HCB increase to 85 percent of shares in and Portugal is keeping the remaining 15 percent, of which it will sell 5 percent to a partner chosen by Mozambique.

Speaking to journalists, Teixeira dos Santos said that, in relation to the remaining 10 percent, Portugal “will opportunely carry out the measures it decides to take as, because it is a financial stake, it will do with it whatever it wishes, whenever it wishes.”

On Tuesday, the general meeting of HCB elected its new governing bodies, with Mozambique’s Paulo Muxanga having been chosen to be chairman of the board and Mozambique also nominated six board members and Portugal nominated two. (macauhub)