Mozambique: Country could have new IMF credit facility by middle of year
File photo: Lusa
The United Nations International Fund for Agricultural Development (IFAD) on Tuesday announced support of $43 million dollars (€39 million) for agricultural production and fish farming in Mozambique.
The poverty reduction project will “increase production and income for more than 88,000 small-scale farmers,” reads a statement.
The funding is the result of an agreement signed on Monday between the institution and Mozambique that provides food supplies, job creation and business opportunities for rural populations in 23 districts in seven provinces.
The project “aims to transform the fish farming sector from current subsistence levels to commercial aquaculture,” with increased participation “by unemployed women and young people who are open to joining as entrepreneurs”.
The program will also promote sustainable fishing production technologies such as production tanks, use of solar energy and wind power systems for the operation of cold storage systems.
IFAD has been in Mozambique since 1983 and has already invested more than $970 million (€888 million) for programs and projects that directly benefit 2.3 million rural families.