World Bank lends US$110 million for poverty reduction in Mozambique

9 December 2014

The World Bank approved a loan of US$110 million to support the Mozambican State Budget and the country’s official plan to reduce poverty for 2014, the World Bank said in a statement.

This funding, provided through the International Development Association (IDA) is provided under the tenth Poverty Reduction Support Programme (PRSC X), which supports the government’s agenda of reforms agreed with the World Bank as part of support for the general budget.

Mozambique has experienced economic growth of 7.4 percent per year on average over the past two decades, but this rapid growth was not accompanied by a reduction in poverty in the same proportion.

This tenth PRSC series will continue to support Mozambique to improve the business environment and increase transparency in industry management, strengthening social protection and public finance management. (macauhub/MZ)