World Bank grants US$32 million loan to Mozambique

7 October 2013

The World Bank has approved a loan to Mozambique worth US$32 million to rebuild dykes, protection barriers ad other facilities needed following floods at the beginning of the year, the bank said in a statement.

According to the statement, the funding, which will be provided by the International Development Agency (IDA), would support the project for Additional Finance for Development of Water Resources in Response to Floods, which involves repairing flood protection dykes and other facilities on the Limpopo River basin.

Floods in January and February killed 113 people and left 170,000 people homeless, making this the worst natural disaster in Mozambique since the floods in 2000.

The loan is provided by the International Development Agency (IDA), a World Bank institution set up in 1960 and focused on helping the world’s poorest countries, by providing zero-interest loans for projects and programmes that drive economic growth and reduce poverty. (macauhub)