World Bank grants loan to Mozambique for financial sector

6 October 2015

The World Bank granted a loan of US$25 million to Mozambique to support the government’s strategy for financial sector development, the World Bank said in a statement released recently.

This loan, the second in a series of financial support packages to the sector, “is channeled through the Programmatic Operation for Financial Sector Policy Development (DPO), to strengthen financial stability, support the improvement of supervision and regulation of banks and network security,” said the statement issued by the World Bank.

The operation, the World Bank added, “also supports reforms to promote financial inclusion, branchless banking and mobile banking, consumer protection, payment systems and the framework for insolvency cases,” as well as helping to promote “long term financial markets by supporting reforms in capital markets, particularly public debt markets.”

The Director of the World Bank for Mozambique, Mark R. Lundell, cited in a statement, said that these loans had three main aims – to increase financial inclusion, improve financial stability and strengthen Mozambique’s long-term financial market. (macauhub/MZ)