Mozambique: World Bank grants US$60 million loan

1 February 2008

Washington, United States, 1 Feb – The World Bank Tuesday approved a loan of US$60 million to Mozambique as part of the 4th Poverty Reduction Support Credit (PRSC), the bank said.

The loan, which will be granted by the International Development Association (IDA), a structure of the bank for loans with special conditions, and has a payment period of 40 years, with a 10-year grace period for payment of interest.

The World Bank describes PRSC 4 as “part of number of annual operations aimed at supporting the Mozambican budget, with the aim of helping the Mozambican government to put into practice the policies of the 2nd Plan of Action for Reducing Absolute Poverty (PARPA II).”

PRSCs are part of the World Bank’s strategy for Mozambique approved last year for the 2008-2011 period. (macauhub)