Mozambique to increase its share in the African Development Bank to US$2 billion

10 June 2011

Lisbon, Portugal, 10 June – Mozambique has decided to increase its share in the African Development Bank (AfDB) by US$2 billion, an amount that is to be paid over an eight-year period the Mozambican Minister for Planning and Development, Aiuba Cuereneia said.

Cited by Mozambican daily newspaper Notícias, the minister said that the increase opens up the possibility of Mozambique benefiting from more funds from the bank to finance its development projects.

Every year the AfDB pays out around US$90 million, of which US$60 million are for the state and US$30 million for the private sector, which according to the minister fall short of the country’s financing needs for projects to build infrastructures.

The minister also said that that Mozambique’s increased share followed a decision by the Board of Directors of the AfDB to carry out a capital increase.

The current Annual Board of the African Development Bank, which is due to finish its work in Lisbon Friday, brings together a significant number of businesspeople and government representatives from at least 77 countries and international institutions. (macauhub)