Following a recent visit to Mozambique on Monday, President of the African Development Bank Group (AfDB), Akinwumi Adesina, reaffirmed the Bank’s commitment to continue to support the growing Mozambican economy.

The President convened with the Minister of Economy and Finance and Governor of the Bank Group, Adriano Maleiane; Energy and Mineral Resources Minister, Pedro Couto; Minister of Agriculture and Food Security, Jose Pacheco; as well as the Governor of the Bank of Mozambique and AfDB Alternate Governor, Ernesto Gove; and the Chairman of the electricity utility company (EDM), Mateus Magala.

AFDB continues to support Moz infrastructure developments

The AfDB’s current portfolio in Mozambique consists of 19 projects both in the public and the private sectors, which total more than $600 million, the Bank said in a recent statement.

There are plans underway to create an energy sector fund of $12 billion over the next five years, according to a statement released by the Bank on the Tuesday.

[quote]In addition, the Bank has plans to further mobilise an estimated $50 billion from the private sector, to ensure universal access to electricity in Africa by 2025.

Minister of Economy and Finance and Governor of the Bank Group, Adriano Maleiane said: “We are in a process of revitalising our economy and we focus on the following priority areas: agriculture, energy and infrastructure.

“We need a lot of investments and AfDB has a lot to give.”

Driving energy investment

The Bank’s ‘High 5’, five priorities of development, respond to this request. “I’m very keen to tell you that we will increase the allocation of funds in the field of energy. We will give maximum support to Mozambique for the energy sector,” the AfDB President said.

Since the beginning of its operations in Mozambique in 1977, the AfDB Group has contributed approximately $2 billion for 95 operations.

These funds were allocated essentially to the transport, energy, agriculture sectors in addition to general budget support.

 

Home page pic credit: African Development Bank