Islamic Development Bank to finance projects in Mozambique

27 October 2011

Maputo, Mozambique, 27 Oct – The Islamic Development Bank (IsDB) is to grant US$68.3 million to finance projects in Mozambique during the 2011-2013 triennium, Planning and Development Minister Aiuba Cuereneia announced in Maputo.

Cited by Mozambique’s AIM news agency, Cuereneia said the amount would be applied to projects involving aquaculture and artisanal fishing, water supplies for rural areas and health and energy infrastructures. He added that the institution is currently financing projects in the education, energy, roads, agriculture and fisheries sectors worth an estimated US$80 million.

The minister disclosed the information during the Forum on IsDB Financing Windows, which gathered personnel from the financial institution and members of Mozambique’s business community on Wednesday and Thursday in Maputo.

The two-day forum follows the invitation extended by Mozambique during the IsDB group’s 36th annual meeting, urging the latter to visit the country to raise awareness about its products through financing windows for the private sector and to promote mutual exchanges.

The event is also meant to publicise IsDB financing windows and respective access conditions and project submission requirements, and to present the Islamic financial and banking system. The conditions for backing financial institutions in the country will also be reviewed.

The goal is to enhance financing opportunities for the both the nation’s private sector and public/private partnerships, to stimulate investment in the areas of infrastructure, agriculture and others needed to ensure sustainable economic growth and poverty reduction. (macauhub)