The African Development Bank (ADB) plans to increase to US$1.7 billion the amount granted to Mozambique this year and 2017 to finance various projects, said Monday in Maputo the president of the institution.

Akinwumi Adesine at the end of an audience granted by the President of Mozambique, Filipe Nyusi, said that much of this funding would be focused on the agricultural sector, “given that Mozambique has the potential to be one of the most important storehouses of Africa.”

The President of the ADB, who made a three-day visit to Mozambique, said that the ADB intends to support, in addition to agriculture, the energy and transport sectors.

“We want to help Mozambique to industrialise agriculture, that is, our intention is to help the country diversify its economy,” said Adesine, quoted by news agency AIM.

Adesine told President Filipe Nyusi the African Development Bank will provide a grant of US$15 million to Mozambique to help people affected by drought in the central and southern parts of Mozambique and flooding in the north. (macauhub/MZ)