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Mozambique: World Bank to provide funds for natural disasters
9:17 CAT | 12 Apr 2023
Photo: Twitter / @VictoriaKwakwa
Mozambique is among the sub-Saharan African countries that will benefit from a regional fund for natural disasters to be created by the World Bank, the ministry of economy and finance said on Tuesday.
The establishment of the mechanism was announced by the World Bank’s vice president for Eastern and Southern Africa, Victoria Kwakwa, during a meeting with Mozambique’s minister of economy and finance, according to a statement.
The account will be endowed with US$3 billion (€2.7 billion) and will be used to combat “natural disasters and increase resilience in sub-Saharan African countries most prone to cyclical climate shocks over the last five years.
The note said that the programme would be based on an initiative that is being implemented in Mozambique.
The mechanism also calls for the creation of insurance against climate shocks, to promote the resilience of the beneficiary countries, the statement added.
Part of the funds required for the financial instrument will be provided through resources to be made available by the state.
Great meeting Hon. Max Tonela, #Mozambique’s Minister of Economy and Finance. We discussed the country’s plans to diversify its economy and how @WorldBank can help increase #resilience to #climate, conflict, and economic shocks. pic.twitter.com/N4kLVUj6Kd
— Victoria Kwakwa (@VictoriaKwakwa) April 11, 2023
Source: Lusa
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