Saudi Arabia to grant Mozambique loan for coastal protection of city of Maputo

26 May 2011

Maputo, Mozambique, 26 May – The Saudi Development Fund is set to grant Mozambique a US$10 million loan to be used for costal protection work for the city of Maputo, along a 13-kilometre stretch of coastline, Mozambique’s finance minister said Wednesday.

The document for granting the loan is due to be signed Thursday in Maputo by Finance Minister, Manuel Chang, and by the vice president and executive director of the Saudi Development Fund, Yossef Ibrahim Al Abdulrahman Albassam, who is currently visiting Mozambique.

“The project for coastal protection of the city of Maputo aims to contribute to improving the standard of living of the capital’s population, via a plan (…) that protects the land and encourages tourism and fishing activities,” said a statement from the Finance Ministry.

With this agreement, the Saudi Development Fund is launching its activities in Mozambique, where, according to the statement, it plans to fund two institutes and two secondary schools in the provinces of Cabo Delgado and Niassa, as well as construction of the Nampula central hospital, also in northern Mozambique. (macauhub)