India gives Mozambique $30m

  1. Posted on Wednesday 13 May 2009 - 12:36
    Sam Banda Junior
    Image of Sam Banda Junior
    Sam Banda Junior, AfricaNews reporter in Blantyre, Malawi
    An Indian bank - Export-Import Bank - has offered a new lease of life to Mozambique's economy as it has promised to lend the southern African country $30 million. The money is expected to help the country which is battling to move out of poverty to finance its rural electrification projects.
    mozambique
    Mozambique is one of the poorest countries in Africa and suffered a civil war which lasted for years leading to destruction of its infrastructure.

    Media reports in the country quoted the statement from Export-Import bank, as saying that the $30 million loan will finance electrification projects in such provinces as Gaza, Zambezia and Nampula.

    "This is the fifth loan credit extended by Exim Bank to Mozambique at the behest of the government of India, taking the total to $115 million," said a statement from the bank. Despite having the Cahora Bassa dam which supplies electricity to several other countries among them South Africa, Mozambique is said to have a few of its people accessing power.

    A Reuters report said 15 percent of the country’s 20 million people have access to power. Rural electrification is one of the projects several countries in Africa are working on.

    Mozambique has under president Armando Guebuza stepped up ways of developing the country. Recently the southern African country also announced that it would invest more money in tourism with an aim of attracting more tourists ahead of the 2010 World Cup in South Africa.

    Despite being poor, the country has also managed to win a bid to host the 2011 All Africa Games. The country won the bid due to its improvement on its infrastructures. The event was supposed to be held in Zambia but the country pulled out due to the global financial crisis.

    Mozambique is also set to hold its elections on October 28.

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