Cyclones Idai and Kenneth: World Bank announces US$20 million for affected MSMEs – Lusa

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Cyclones Idai and Kenneth: World Bank announces US$20 million for affected MSMEs – Lusa

7:48 CAT | 10 May 2021

Photo: TVM

The World Bank on Thursday announced a total of US$20 million (€17 million) in further support for small, medium and micro enterprises [MSMEs] affected by cyclones Idai and Kenneth in Mozambique.

The funding is aimed at companies that were affected by the two cyclones in 2019, but the highlight goes to the city of Beira, one of the most devastated areas, according to the director of the World Bank in Mozambique, Idah Pswarayl Riddihough, who spoke to the press after meeting with the private sector in Sofala province, central Mozambique.

These are two finance channels: one worth US$15 million for medium-sized companies, plus another US$5 million for micro-companies. “We understand the needs of small businesses here in the city of Beira, and have opened these financing windows in response,” Riddihough said.

According to figures given on Thursday, the World Bank will have supported Mozambique’s post-cyclone recovery to the tune of US$200 million, invested in projects related to water supply, reconstruction of public infrastructure, disease prevention, food security, social protection and weather early warning systems.

Cyclone Idai hit central Mozambique in March 2019, affecting 1.8 million inhabitants and killing 604. Shortly thereafter, in April 2019, the north of the country was hit by Cyclone Kenneth, which killed 45 people and affected a further 250,000.

Watch the TVM report below on the visit by Minister of Public Works Osvaldo Machatine, World Bank country director, Idah Pswarayl Riddihough, and the new director of the Post-cyclones Reconstruction Office, Paulo Mandate, among others.