Arab Bank grants loan to Mozambique

27 May 2014

The Arab Bank for Economic Development in Africa (BADEA) is set to provide Mozambique with a US$11 million loan, the Mozambican ministry for Planning and Development said in a statement issued Monday in Maputo.

A large part of the funding, which was agreed on the sidelines of the 49th annual meeting of the African Development Bank (ADB) Friday in Kigali, Rwanda, or US$9.8 million will be used to build the Technological Institute for Fishing and Marine Technology, in Inhambane province.

Over the last four years BADEA has funded at least five Mozambican government projects in the social and infrastructure sector, worth around US$41 million. (macauhub/MZ)