16 May 2008
Maputo — The African Development Bank (ADB) has granted 140 million US dollars to Mozambique to be used in the agricultural sector during the two year period, 2009-2010.
Mozambican Development Minister Aiuba Cuereneia told reporters on Thursday that this money will strengthen the government's financial capacity to face the food crisis affecting many countries across the world.
"Two weeks ago, we signed a 140 million US dollars agreement with the ADB and we will use this money in the agricultural sector in the period 2009/2010. Then we will have to give an account of the use of these resources", said Cuereneia speaking during an interval in the ADB annual meeting held in Maputo on Wednesday and Thursday.
Cuereneia added that "this is a matter of priority because, faced with the world food crisis, we have to get the resources somewhere. In order not to cut resources from other sectors we will continue seeking resources outside, and this ADB financing is one of them".
The ADB has promised that it will allocate to the agricultural sector 20 per cent of its investment funds. The institution is currently committed to allocating 3.8 billion US dollars to this sector, representing an increase by one billion US dollars.
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