Maputo, Mozambique, 7 April – The World Bank funded 52 social and economic development projects in Mozambique from 1985 to 2005, estimated to cost some US$2.816 billion, paid out by the International Development Association (IDA), according to Mozambican daily newspaper, Correio da Manhã.
Thirty one of those projects have been closed, and the remaining 21 are still underway, according to the World Bank, which noted that loans were provided at a commitment rate of 0.5 percent, a service rate of 0.75 percent and a maturity of 40 years, which includes a grace period of 10 years.
The funding is provided in the form of concessional loans and as subventions, also according to the World Bank, which added that as of June 2005, the around 20 projects underway were worth a total of US$1.038 billion in credit and subsidies.
Around 53 percent of that amount was directed to infrastructure, whilst Education and Health received 20 percent, as compared to 16 percent of credit and subsidies consigned to the Public Sector.
Recently the Agriculture, Rural Development and Natural Resources sector benefitted from a loan of US$70 million to fund a government project for Sustainable Development of Irrigation (Proirri), which seeks to increase production and productivity via new or improved irrigation systems in the provinces of Sofala, Manica and Zambézia.
The financial support provided by the World Bank to the Proirri programme will last for six years, over which it will directly benefit around 16,000 farmers in those three provinces of central Mozambique. (macauhub)