Mozambique: Portugal set to grant credit line to Mozambique

28 November 2008

Lisbon, Portugal, 28 Nov – Portugal’s Finance ministry is setting the final details for creation of a US$124 million credit line to fund Portuguese investments in Mozambique, according to the online edition of Portuguese financial daily Jornal de Notícias.

“There is a memorandum of understanding and its terms are being negotiated,” the paper wrote, citing a Finance ministry spokesperson.

Creation of this fund is another stage in the renewed relationship between the two countries, which was consolidated when Mozambique took on a controlling stake in the Cahora Bassa Hydroelectric facility.

On 27 November, at a private ceremony in Maputo, the President of Mozambique handed over a cheque to the value of US$950 million to the Portuguese finance minister, which closed the deal on the changes in the Cahora Bassa Hydroelectric facility’s shareholder structure. (macauhub)