Mozambique: World Bank to conduct Business Outreach Workshop
Africa Investment Forum: Mozambique seeks US$40 million for Marracuene’s textile factory, former Riopele
4:01 CAT | 12 Nov 2019
Photo: O País
The government is mobilising more than US$40 million towards the US$70 million budget needed to upgrade the former Riopele textile factory in Marracuene.
Moving away a little from the model in which economic solutions for Africa are sought in initiatives set up by the world’s great powers, the African Development Bank and partners are bringing together African leaders, investors and credit institutions.
The goal of the Africa Investment Forum, which started in South Africa this Monday, is to discuss financing economic projects on the continent.
One of the projects the government is taking to Sandton is Mozambique Cotton Manufactures, which needs US$40 million to move into producing cloth in Marracuene as well as just spinning thread, thereby completing the cotton value chain.
The prime minister did not hide from investors and credit institutions the instability affecting some areas in the centre and north of the country.
The government also mooted the possibility of creating an industrial free zone in Marracuene offering tax incentives.
By Emídio Beúla
Source: O País
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