Mozambique to Receive $79 Million for Education From the World Bank

The World Bank has approved a $79 million grant to support the Mozambican education sector, according to a press release issued Saturday.
The release, issued in Mozambique, says the grant agreement, signed in Maputo on Thursday the Minister of Planning and Development, Aiuba Cuereneia, and by World Bank regional director Michael Baxter, has been granted under the “Education for All – Fast Track Initiative (FTI)”, for the three year period 2008-2010, and the first U$30 million installment will be provided this year.

The document says the money comes from the “Catalytic Fund” that was set up in 2003 to support the Fast Track Initiative, and is managed by the World Bank.

The money in the fund comes from 11 western donors, and so far grants have been made to 18 countries, most of them in Africa.

“This fund is designed to provide transitional financial assistance to low-income countries which have completed a Poverty Reduction Strategy and whose education sector plans have been endorsed by donors through the FTI review process, but which have difficulty mobilizing additional external funding at the country level”, reads the document

Source African Press Agency

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