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African Development Bank provide Mozambique with funding of 44 million euros

Mozambique has a credit line of around US$60 million for 2014, the representative of the African Development Bank (ADB) in Mozambique said Thursday in Maputo.

Joseph Ribeiro said that the funding was essentially focused on development of infrastructure and that “half will be provided as a donation and the other half as interest-free loans,” noting that the amount could be increased if the country invests in inter-regional projects.

The ADB representative said that the bank currently supported 15 projects in Mozambique in the areas of road infrastructure, energy and irrigation, as well as social support and funding of the State Budget.

The strategic vision of the bank, which brings together 80 partner countries, is now focused on infrastructure in what is apparently a new paradigm for supporting development of African countries, which is also being followed by the China-Africa Development Fund.

Commenting on the level of public debt in Mozambique, which has been noted by several economic analysts, Ribeiro said that Mozambique’s debt was sustainable, noting that this was not a concern to the ADB.

“Mozambique’s commercial debt ceiling was agreed with the International Monetary Fund (IMF) at a figure of US$1.5 billion and the country is currently below that figure, and there is room for more projects and more loans,” said Ribeiro. (macauhub/MZ)

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