Mozambique Gets $300 Million Grant from World Bank

Mozambique Gets $300 Million Grant From World Bank (News Central TV)
Mozambique’s President Filipe Nyusi attends the 3rd Session of the South Africa-Mozambique Bi-National Commission (BNC) held at the Department of International Relations and Cooperation’s (DIRCO) in Pretoria, South Africa, March 11, 2022. Kopano Tlape/Government Communication Information System (GCIS)/Handout via REUTERS

The World Bank approved a $300 million (£255 million) grant to Mozambique on Monday, resuming assistance to the nation following the debacle involving hidden debt in 2016.

The funds will be utilised to enhance living circumstances in sectors including health, education, social protection, access to energy, and drinking water, according to Mozambique’s Minister of Finance Max Tonela.

Max Tonela

“This $300m will be used to finance infrastructure projects that help to boost our economy and improve the living conditions of our population,” said Tonela.

Idah Pswarayi-Raddihough, the country director for Mozambique at the World Bank, claimed that the funding was made possible by the government’s initiatives to increase public sector transparency.

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The accord came after a scandal that set off the worst financial crisis Mozambique has experienced since gaining independence from Portugal.

It involves borrowing more than $2.7 billion (£2 billion) in secret government debts to buy trawlers and military patrol boats. However, a large portion of the money is suspected to have been misappropriated to pay off corrupt officials.

The “tuna bonds” scandal has led to the indictment of the ex-president of Mozambique’s son along with 18 other people. They say they did nothing wrong.

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