Mozambique plans to get funding from the Islamic Development Bank

9 June 2015

The government of Mozambique plans to access funding from the Islamic Development Bank (IDB) to finance various investment projects of small and medium-sized enterprises, the Deputy Minister of Industry and Trade, Osmar Mitha said Monday in Maputo.

At the end of a meeting between the private sector, represented by the Confederation of Economic Associations of Mozambique (CTA) and representatives of the IDB, participating in the 10th Global Forum of the Islamic Development Bank, an event held this week in Maputo, the Deputy Minister stressed he was seeking funding for projects to develop the country and allow job creation.

Mithá, cited byMozambican news agency AIM, said the IDB reacted positively to this request from Mozambique, but said the country still faces some obstacles, notably the introduction of some legal improvements.

The deputy executive director of the Confederation of Economic Associations of Mozambique (CTA), Eduardo Macuácua said the meeting was an opportunity for the private sector to raise funds for various projects, including those related to providing services to major projects.

The IDB has applied at least US$300 million in various sectors in Mozambique since 1995, the year the country joined the financial group.

Currently, there are 22 ongoing projects valued at more than US$160 million in sectors such as agriculture, education, health and water supply. (macauhub/MZ)