World Bank grants US$110 million loan to Mozambique

18 July 2013

The World Bank has approved a loan of US$110 million to Mozambique to finance the programme to reduce poverty and improve the population’s living conditions, the institution announced on Tuesday in Washington.

“This is the ninth of an annual series of Poverty Reduction Support Credit loans the World Bank has granted since 2004 and constitutes yet another unequivocal commitment to the country’s medium and long term goals,” said Laurence Clarke, the institution’s country director for Mozambique.

The loans are backed by 19 countries, some of them in Europe, as well as the African Development Bank and the World Bank.

In practice, the funds will be used to improve the business climate by simplifying procedures, to increase transparency in the extractive industry, to expand the scope of social protection programmes and to improve controls and audits in public financial management. (macauhub)