Mozambique: Chapo praises central bank for ensuring monetary stability - AIM
State budget to receive more funds from Mozambique’s largest hydroelectric plant
8:12 CAT | 15 Jun 2023
File photo: HCB
The Mozambican State Budget will henceforth receive 72% of the Cahora Bassa Hydroelectric (HCB) concession fee, 9.5 percentage points above the previous level, the government has announced.
The measure “aims to update the beneficiary institutions” without changing “the nominal value currently allocated”, explained Council of Ministers spokesman Filimão Suaze on Tuesday.
The Energy Fund, which initially received 35%, now receives 25% and the remainder is to be shared between the development agencies (2%) and the Energy Regulatory Authority (1%).
HCB is majority-owned by the Mozambican state and has been classified as the Mozambican public company with the best financial health, the only one in ‘Category 1’, that is, with “very low risk” of defaulting on commitments, according to an October 2022 analysis by the Centre for Public Integrity (CIP), a Mozambican non-governmental organisation.
According to its financial statements, HCB paid the state around 239 million meticais (€3.4 million) in concession fees in 2022.
Source: Lusa
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