World Bank provides funding for 2010 Mozambique state budget

23 November 2009

Maputo, Mozambique, 23 Nov – The World Bank Friday granted US$110 million to fund Mozambique’s state budget for 2010, the highest amount provided by the bank to Mozambique, representing an increase of US$20 million.

The resident representative of the World Bank, Luiz Tavares, and the Mozambican Minister for Planning and Development signed in Maputo the agreement for concession of the sixth aid package to the State Budget, to be used in the government’s five-year programme.

The funding is aimed at financing projects to consolidate institutional reform and management of public finances, promoting economic and social development as well as supporting small and medium-sized companies in the private sector.

The increase of US$20 million for State Budget aid is the result of a “positive assessment” that the World Bank made of the programmes to promote economic growth, combating poverty and institutional reforms, Tavares said.

In his turn the minister said that “practically all financing partners,” of the state budget, in the so-called group of 19, “pledged their support (for the State Budget) in September.” (macauhub)