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Portugal to lend 100 million euros to Mozambique

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Monday, 14 April 2014

Portugal to lend 100 million euros to Mozambique

The Portuguese Prime Minister Pedro Passos Coelho has announced the conclusion of a cooperation agreement with Mozambique. The agreement is due to be signed during a two-day visit to the former Portuguese colony.
Portugal has undertaken to lend 100 million euros to Mozambique for investment programmes relative to various areas of bilateral cooperation between the two countries. The two countries are bound by 16 cooperation agreements, covering in particular fishing, agriculture, education, health and tourism.
The loan is intended to support the Mozambican economy, the private sector and the Mozambican State budget. The Portuguese ambassador José Augusto Duarte has declared that: "It is a large amount of money which will be injected into the Mozambican economy and will also benefit Portuguese companies which work in partnership with Mozambican partners." The eurozone crisis has forced many Portuguese companies to turn to Mozambique.
Source: Afriquinfos