World Bank grants US$700 million loan to Mozambique

31 January 2013

The World Bank will pay out US$700 million over the next two years to fund a number of areas of development in Mozambique, the regional vice president of the World Bank for Africa, Makhtar Diop said in Maputo.

According to Mozambican newspaper O País, Diop also said that the funding could be considered to be a donation as it was interest-free and repayable over 50 years.

“The government can use those resources for different types of activities, including state budget support,” he said at the end of an audience with Mozambique’s President.

According to Diop, President Armando Guebuza said he would like the country to receive funding from the World Bank to rebuild dams, build rural roads as well as to invest in the agricultural sector as a way of diversifying the economy. (macauhub)