World Bank announces $1.2 billion support to Mozambique

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World Bank announces $1.2 billion support to Mozambique

8:09 CAT | 24 Jul 2017

Voa Shona (File photo) / Andrew Ndaamunhu Bvumbe

World Bank’s Executive Director Andrew Bvumbe today announced in Maputo that the institution will spend US$1.2 billion supporting projects in Mozambique over the next three years to finance agriculture, health, education and infrastructure.

“The financial envelope [overall financial allocation] for Mozambique over the next three years is estimated at US$1.2 billion,” said Andrew Bvumbe at a press conference marking the start of his two-day visit to the country.

Bvumbe said the WB’s strategy for Mozambique will be concentrated on priority areas such as increased productivity, sustainability and agricultural mechanisation, and in sectors impacting human development such as health and education.

Cooperation between the WB and Mozambique in the field of agriculture will take into account the need to equip the country with resilience to the effects of climate change, he added.

“We are going to focus on sectors that promote social and economic inclusion, we must strengthen our commitment to education and health as our partnership with the country advances,” said the WB Executive Director.

Also Read: World Bank executive director pays 2-day working visit to Mozambique

The World Bank’s financial support to Mozambique, he continued, will also include energy and the private sector as a means of promoting the diversification and transformation of the Mozambican economy.

Andrew Bvumbe indicated that this financial aid to Mozambique has already begun to be disbursed on this month of July and will be gradually channelled to the country over three years.

Who is Andrew Ndaamunhu Bvumbe

Mr. Andrew Ndaamunhu Bvumbe, a Zimbabwe national, serves as an Executive Director for Africa Group 1 Constituency (AFG1). He was serving as Alternate Executive Director from November 2014 to October 2016.

Mr. Bvumbe’s professional background includes experience in macroeconomic management as a senior official in the Ministry of Finance, Reserve Bank of Zimbabwe and as Executive Director at the African Development Bank. Prior to joining the WBG, he served as Head of the Aid and Debt Management Office at the Ministry of Finance. Before that he served as Permanent Secretary for Planning in the Ministry of Economic Planning; Director in the Privatization Agency of Zimbabwe; and as Principal Director in the Ministry of Finance and Economic Development. Earlier in his career he served as Chief Economist and Assistant Director for Economic Research and Policy at the Reserve Bank of Zimbabwe.

Mr. Bvumbe was Executive Director at the Board of the African Development Bank from 2007 to 2010, and Alternate Executive Director from 2005 to 2007. Mr. Bvumbe holds MSc and BSc in Economics from the University of Zimbabwe.

The Office of the Executive Director (EDS14), known as Africa Group 1 Constituency, represents Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Rwanda, Seychelles, Sierra Leone, Somalia, South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

Source: Lusa / worldbank.org