Mozambique received US$700 million from the World Bank in 2019

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Mozambique received US$700 million from the World Bank in 2019

12:35 CAT | 25 Feb 2020

File photo: O País

The World Bank’s financial commitments to Mozambique amounted to US$700 million last year.

The World Bank disbursed US$700 million supporting socio-economic development in Mozambique in 2019, above the US$530 million granted in the previous year, and the highest figure since 2016 (US$316 million).

In 2017, Mozambique received the lowest amount recorded (only US$104 million), the figure rising to US$530 million the following year, ‘O País’ has learned from World Bank financial documents.

In 2020, financial commitments reach US$400 million. The most recent disbursement was made on February 14 – a US$75 million grant from the International Development Association (IDA) in support of the government’s efforts to achieve its demographic dividend, increasing youth empowerment, access to education and employment opportunities for young people, especially teenage girls and young women.

This support results from the fact that Mozambique has one of the highest fertility rates in sub-Saharan Africa, with premature marriage and teenage pregnancy rates among the highest in the world.

“It is important for Mozambique to accelerate its demographic transition, while striving to educate and employ its economically active population in order to drive inclusive growth and poverty reduction,” senior economist at the World Bank, Francisco Campos, said.

By Edson Arante

Source: O País