Mozambique ponders converting debt with Russia to finance development projects – Notícias

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Mozambique ponders converting debt with Russia to finance development projects – Notícias

9:08 CAT | 01 Aug 2023

FILE - President Nyusiin St. Petersburg, Russia, on Thursday, 27th July 2023. [File photo: Presidente Filipe Nyusi/Facebook]

Mozambique is evaluating the possibility of negotiating the conversion of its debts to Russia into finance for development projects.

The intention was expressed by the President of the Republic, Filipe Nyusi, on Sunday, in the report of his working visit to the II Russia-Africa Summit in Saint Petersburg, and was one of the matters discussed in bilateral talks there.

Without detailing exact figures, President Nyusi said that the amount owed was not suffocating, but recognized that it was significant for the national economy.

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While assessing cooperation relations between the two countries as positive, the head of state explained that, should the suggestion be taken up, priority in Russian investments would focus on the education, health, agriculture and tourism sectors, plus strategic infrastructure for the promotion of development.

The president’s trip to Russia was also meant to reiterate, in a meeting with his counterpart, Vladimir Putin, his interest in building and modernising infrastructure that could accelerate economic growth.

Since Mozambique has a coastline of around 2,700 kilometres, with ports established along its axis, the idea was to explore transport logistics, another sector in which Russia could participate.

Nyusi said that the government was considering the possibility of extending investment to water supply projects and the construction of health units, within the scope of the presidential “One District, One Hospital” initiative.

Mozambique also intends to explore Russia’s experience in hydropower production, as well as renewable sources and natural gas exploitation.

“We also suggested that Russia look at agriculture, in this specific case the production of wheat. We are seeking dynamism in tourism and infrastructure, too,” Nyusi said.

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On his return to Mozambique on Sunday, the President recalled that, before leaving for Russia, he participated in the Summit on the Development of Human Capital in Africa in Tanzania, where the World Bank recognized the government’s role in promoting the education of girls.

Source: Notícias