World Bank ploughs $200m into Mozambique’s rural development

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World Bank ploughs $200m into Mozambique’s rural development

10:46 CAT | 12 May 2017

File photo / Mark Lundell

The World Bank says it has invested up to $200 million in the areas of natural resources, environment and rural development in Mozambique over the last two years, APA can report on Thursday. The World Bank director in Mozambique, Mark Lundell, said his institution plans to increase an additional 20 percent of the investment, from its domestic portfolio, toward the development of Mozambique.

Lundell made the announcement late on Thursday on the sidelines of a trilateral agreement between Mozambique, Brazil and the World Bank, adding that his institution will continue to invest in natural resources because it believes they are vital for the generation of employment.

“In terms of natural resources, these are the areas that give an opportunity to generate more productivity for the rural population, more employment in the area of agribusiness, a strong capacity to supply the domestic market in Mozambique,” Lundell said.

“We (the World Bank) ensures that this will also increase the well-being of the rural population in Mozambique,” the World bank official added.

According to Lundell, Mozambique can gather countless experiences from Brazil in the field of environment management and rural development.

“We understand that the experiences of Brazil are interesting for Mozambique in terms of micro-climates, production structure and forests; all are common areas,” he said.

Brazilian Foreign Minister Aloysio Ferreira said at the meeting that his country’s government has been following with much interest the economic situation of Mozambique; hence it wants Brazilian
entrepreneurs to invest in Mozambique.

“Our businessmen are working among them to discover ways and an opportunity to diversify our trade agenda, and also to guarantee more Brazilian investments in Mozambique,” he said.

The former Portuguese colony, which emerged from civil war two decades ago, boasts some of the world’s largest untapped coal reserves and is discovering vast natural gas deposits along its white-sand Indian Ocean coast.

Source: APA