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Wednesday, 16 July 2008

EU aid to Mozambique

The European Union has set aside €620 million to help African countries develop their economies in the next six years. Glauco Galzuola, the European Union head of delegation, said the facility would help countries with finance problems. "The globalisation of economies needs response and it has to be through the new role of governments that we are funding," he said when he addressed an Italian business delegation visiting Mozambique recently. Galzuola said the EU had defined various strategies in Mozambique in order to reinforce co-operation to improve the business environment and attract foreign investment into the country. EU Agriculture and Rural Development head in Mozambique, Giancarlo Monteforte, told the delegation that Mozambique had vast opportunities in the agricultural sector specifically in the cotton, cashew nuts, timber and sugar sectors.
Source: IOL