World Bank pledges $6 billion to Mozambique over five years
World Bank's Financial Commitment to Mozambique
World Bank's Financial Commitment to Mozambique
The World Bank has announced its intention to provide Mozambique with $6 billion in mostly concessional financing over the next five years. This initiative aims to support public investment projects as Mozambique addresses its strained public finances.
According to Fily Sissoko, World Bank division director for Mozambique, the bank has a balance sheet of approximately $3 billion and plans to mobilize an additional $3 billion. This financing is predominantly concessional and consists mainly of grants, designed to support the government's development strategy.
World Bank's Financial Commitment to Mozambique The World Bank has announced its intention to provide Mozambique with $6 billion in mostly concessional financing over the next five years.
In addition to this, an extra $4 billion in private sector funding is being targeted.
Mozambique's Finance Minister, Carla Louveira, emphasized that the partnership framework is designed to ensure macro-fiscal consolidation and support sustained economic recovery. Despite optimism around the resumption of TotalEnergies' major LNG project, challenges remain, including debt-service delays and persistent fiscal deficits as highlighted by the IMF.
The country also faces ongoing climate challenges, with cyclones and floods that are exacerbated by climate change.
Based on reporting by Africanews.
