Southern African Development Community: African banks fund corridors

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Southern African Development Community: African banks fund corridors

11:22 CAT | 27 Jul 2017

Notícias

The African Development Bank (AfDB) and the Development Bank of Southern Africa (DBSA) are willing to support activities in the Beira, Nacala and Maputo corridors linking countries in the region, it was announced yesterday in the Sofala city of Beira during a meeting of Southern African Development Community (SADC) transport ministers.

Speaking at the event, Mozambique Minister of Transport and Communications Carlos Mesquita highlighted the fact that development corridors are the backbone of cooperation between countries in the region.

“By backing the development of an integrated transport network we are contributing substantially to an increase in regional and international trade,” he said.

Head of the SADC Infrastructure Department at AfDB, Mtchera Chirwa, said that his institution had funds to finance development initiatives, and that it had chosen five key pillars, including regional integration.

The integration of the African continent, he said, fitted well into efforts by the governments of the region to improve communications in all aspects, and the AfDB had made US$500 million available to finance activities in Mozambique, Tanzania and Malawi in relevant projects.

DBSA executive Mohan Vivekanandan similarly argued that regional integration projects were important to his institution because they were linked to development. Mohan highlighted the role of Mozambique in benefiting the SADC region through its common development corridors, and policies should therefore be established to better serve the African community.

A memorandum of understanding encouraging the coordination of efforts to promote and mobilise funding for infrastructure projects and the creation of value chains along the corridors was signed at the meeting,

Source: Notícias