Mozambican government negotiates more loans from Saudi Arabia

27 May 2011

Maputo, Mozambique, 27 May – The Mozambican government is negotiating with the Saudi Development Fund for more credit for construction of two institutes and two technical schools in Cabo Delgado and Niassa provinces and the Nampula General Hospital, Mozambique’s Finance Minister, Manuel Chang said Thursday in Maputo.

The minister was speaking at the end of the ceremony to sign the concession contract for a loan of US$10 million for coastal protection work in the city of Maputo, the project for which already has US$22.5 million provided by the Arab Bank for the Economic Development of Africa (BADEA) and the Mozambican state budget.

Manuel Chang noted the importance of the project to protect the coastline in the city of Maputo, saying that it would mitigate the effects of coastal erosion and ensure the safety of public and private facilities, contribute to improving environmental conditions, promote tourism and leisure areas appropriate for the economic and social development of Moçambique. (macauhub)