AfDB to triple financial support to Mozambique to $1.7bn
Tuesday, 05 April 2016 21:47
African Development Bank (AfDB) said on April 4, it will triple its financial support to Mozambique from the year 2016-17 to $1.7 billion to help the Southern African country face commodities’ price slump.
"We are planning to increase our level of financial support to Mozambique to $1.7 billion from the year 2016-17
“We are planning to increase our level of financial support to Mozambique to $1.7 billion from the year 2016-17,” said AfDB’s president, Akinwumi Adesina, after meeting with Mozambique president Filipe Nyusi.
AfDB’s current portfolio in Mozambique counts 19 projects totaling more than $600 million.
Mozambique mainly relies on extractive industries, coal and oil and gas especially.
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