US dollars, rands, yuan and gold constitute Mozambique's international reserves
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The European Commission (EC) is going to authorise €100 million for reconstruction work in Mozambique, Malawi and Zimbabwe following the destruction caused by cyclones Idai and Kenneth, which will be added to the €17 million already allocated, the Commission said on Monday.
Brussels issued a communiqué stating that the funds were to help overcome the devastating effects of cyclones Idai and Kenneth that affected the region in March and April respectively.
This donation, in the form of a loan from the European Investment Bank (EIB), was announced at the International Donors’ Conference held this weekend in the city of Beira in central Mozambique.
The European Union (EU) International Cooperation and Development Commissioner, Neven Mimica, said the EU was based on solidarity among member states and other countries throughout the world.
He added that the €100 million as to go towards supporting the country (Mozambique) in its efforts to get back on its feet, rebuild its infrastructures and improve its resilience, as well as helping parts of Malawi and Zimbabwe.
The reconstruction plan, estimated to cost around $3.2 billion, encompasses about 100 socio-economic projects for the affected places.Source: Lusa