African Development Bank Approves $93 Million Loan to Help Fight Poverty in Mozambique

The African Development Bank (AfDB) has approved a $93 million loan for Mozambique to fight poverty under a program that encourages economic reforms, the country’s planning and development minister, Aiuba Cuereneia, told APA on Tuesday.

“The Mozambican government signed an agreement with the African Development Bank (ADB) in Maputo under which the ADB will loan us 90 million US dollars during the period 2008-2010 for poverty reduction programs”, Cuereneia said.

He added, “The money is to be applied in the second phase of the government’s Action Plan for the Reduction of Absolute Poverty (PARPA II), and will be provided in the shape of direct budget support.”

The loan is repayable over 20 years

Source African Press Agency

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