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February 1, 2008

World Bank lends $60m to Mozambique

by Richard Kilner

Story link: World Bank lends $60m to Mozambique

The World Bank has given its approval to a further $60m aid package to Mozambique.

The money will be used to try and fight poverty, and would help the government to maintain economic stability, according to World Bank regional director Michael Baxter.

The loan repayment period would be 40 years, with 10 years of grace, and an interest rate of 0.75% per annum.

The World Bank’s poverty reduction support credit chief, Antonio Nucifora, has said that the money will be used on a broad basis in the fight against poverty, particularly in rural areas.

Last year’s UN human development report placed Mozambique in the bottom list of countries based on human development ranks.

Mozambique, the report said, had developed somewhat economically, but the populace continued to live in poverty.

More than half the 20m population liveon less than $1 a day.

The problems are exacerbated by the 16 year civil war that wracked the country in the 1970s to the 1990s and destroyed much of its infrastructure.

 

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