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China was Mozambique’s top lending country in 2012

China was the country which lent the most money to Mozambique in 2012, a total of US$1,148.67 million in low-interest and commercial loans, the Finance Ministry announced in Maputo.

External debt contracted by Mozambique during the last year reached US$1,915.07 million. China was the international partner that lent the most to the country, financing six projects worth US$1,148.67 million.

Mozambique contracted 15 low-interest loans worth a total of US$674.98 million, with China financing four projects with US$167.08 million. In that lending mode the country’s top lender was the World Bank’s International Development Association (IDA) – three projects with US$268.12 million.

Commercial lending accounts for most of the contracted debt, US$1,240.09 million, China being the foremost lender to Mozambique with a total of US$981.59 million in two projects, the Maputo Ring Road (300 million) and the Ponte/Estrada Maputo/Catembe/Ponta do Ouro route (681.59 million).

The Finance Ministry also indicated that Mozambique’s public debt increased by 21.3 percent during 2011, rising from US$5,037.21 million to US$5,633.43 million in 2012, and accounts for 40 percent of the country’s gross domestic product. (macauhub)

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