Mozambique: Monthly inflation approached zero in March
Islamic Development Bank endorses cooperation which supports Mozambican citizens
4:05 CAT | 19 Aug 2022
FILE - A view of the Islamic Development Bank Group building in Jeddah, Saudi Arabia. P[File photo: Reuters/ Reem Baeshe]
- The Islamic Development Bank wants to strengthen operations in Mozambique.
The Islamic Development Bank (IsDB) endorsed cooperation with Mozambique in Maputo today on the basis of its impact on people’s lives, noting that the country has enormous potential to generate prosperity.
“The future is very bright [for Mozambique], but we have to look at projects that can benefit ordinary citizens,” said IsDB regional hub manager for Eastern, Central and Southern Africa, Issahaq Umar Iddrissu, referring to Mozambique’s development prospects.
Iddrissu was speaking after a meeting with Mozambique’s Minister of Economy and Finance, Max Tonela.
He said that financing for infrastructure such as roads and energy, as well as support for small and medium-sized companies, had the potential to create benefits for the population.
Supporting the transforming sectors of Mozambican primary producers aimed at adding value was also critical to bringing prosperity to the most needy, he added.
The IsDB regional hub manager stressed that the institution intended to strengthen its operations in Mozambique, where it is already developing a portfolio of projects in several areas.
“Together [with the Mozambican authorities], we want to find ways to accelerate the implementation of projects which benefit the Mozambican population,” Issahaq Umar Iddrisu said.
In June of this year, a Mozambican delegation participated in the 47th Annual Meeting of the Islamic Development Bank Group, in Sharm El Sheikh, Arab Republic of Egypt, themed “Beyond Recovery: Resilience and Sustainability”.
The Mozambican delegation was headed by the National Director of Public Debt Management at the Ministry of Economy and Finance (MEF), Isabel Maria Sumar, Administrator of the Bank of Mozambique, Silvina Rodrigues de Abreu, along with Director of the Department of Economic Studies at the same institution, Pinho Ribeiro, and the Head of the Department of Economic and Financial Cooperation at the MEF, Félix M Arão Massangai.
At the event, the Mozambican delegation met the Director of Operations of the Arab Bank for Economic Development in Africa (BADEA), who expanded on BADEA’s engagement in the concessional financing of projects in the areas of infrastructure and the agricultural value chain, with impacts expected from the third to the fifth year.
BADEA is currently implementing its 10-year Strategy (BADEA 2030) in specific areas and with defined opportunities for cooperation with Mozambique.
In the brief meeting, the IsDB country representative told the Mozambican delegation that his organisation had potential funding of up to US$50 million.
Source: Lusa / Ministry of Economy and Finance
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