Algeria, Portugal and Iraq are Mozambique’s biggest creditors in 2008

7 January 2011

Maputo, Mozambique, 7 Jan – Mozambique’s biggest foreign bilateral creditors in 2008 were Algeria (US$408 million), Portugal (US$346 million) and Iraq (US$231 million), according to the annual report on the country’s public debt presented this week in Maputo.

Those three countries were followed by Libya (US$208 million), Russia (US$143 million) and Japan (US$132 million).

In terms of multilateral institutions, Mozambique was offered the biggest tranche of funding, of US$1.149 billion, by the International Development Association (IDA), an arm of the World Bank.

The IDA was joined by the African Development Fund, which provided US$328 million, the International Fund for Agricultural Development (US$101 million) and the Nordic Development Fund (US$73 million).

In 2008, multilateral debt totalled more than bilateral debt as the state was giving priority to highly subsidised loans, normally provide by international financial institutions that support development. (macauhub)