Islamic Development Bank finances projects in Mozambique

8 June 2015

The Islamic Development Bank Group has funded projects in Mozambique with an overall value of over US$300 million since the country joined the bank in 1995, said the Mozambican Minister for the Economy and Finance.

Minister Adriano Maleiane, cited by Mozambican news agency AIM also said there were 22 projects funded by the bank underway in Mozambique, valued at over US$160 million.

On Wednesday Maleiane announced the 40th annual meeting of the Islamic Development Bank Group in Maputo, which started Sunday and is due to end Thursday, 11 June.

The IDB President Ahmad Mohamed Ali, also said the IDB would continue continue to provide funding for priority sectors in Mozambique.

The IDB is an international financial institution based in Saudi Arabia, founded in December 1973 with the aim of accelerating economic development and social progress of Member States.

The organisation currently has 56 member countries, including 23 in Africa, and Mozambique is the only member from the southern African region. (macauhub/MZ)