Maputo — The World Bank on Thursday pledged a grant of 79 million US dollars in support of the Mozambican education sector.

The grant agreement was signed in Maputo by the Minister of Planning and Development, Aiuba Cuereneia, and by World Bank regional director Michael Baxter.

The money has been granted under the "Education for All - Fast Track Initiative (FTI)", for the three year period 2008-2010. The first instalment, of 30 million dollars, will be made this year

The money comes from the "Catalytic Fund" that was set up in 2003 to support the Fast Track Initiative, and is managed by the World Bank. The money in the fund comes from 11 western donors, and so far grants have been made to 18 countries, most of them in Africa.

The World Bank states that this fund "is designed to provide transitional financial assistance to low-income countries which have completed a Poverty Reduction Strategy and whose education sector plans have been endorsed by donors through the FTI review process, but which have difficulty mobilizing additional external funding at the country level".

The grant will be channeled through the Education Sector Support Fund (FASE), to support the Ministry of Education in implementing its strategic plan.

Speaking after the signing ceremony, Cuereneia said the agreement was an important step in support for FASE. He added that the World Bank's action showed the trust that Mozambique's international partners have deposited in the government and in the policies under way to promote economic growth and reduce poverty levels.

Pf/ (262)