African Development Bank and Mozambique Strengthen Partnerships to Boost Regional Infrastructure Development and Trade

21 March 2024
Content from a Premium Partner
African Development Bank (Abidjan)
announcement

The African Development Bank and Mozambique reinforced their partnership during a visit by Mr. Solomon Quaynor, the Bank's Vice President for Private Sector, Infrastructure and Industrialization.

This visit, held from March 12th to 15th, 2024, underscores the Bank's commitment to supporting Mozambique's economic growth trajectory, particularly following the third review of the country's Extended Credit Facility with the International Monetary Fund and the Bank's recent Economic Acceleration Package and Budget Support Mission.

Accompanied by the Bank's Country Manager Cesar Mba Abogo, Vice President Quaynor held meetings with key government officials, including Minister of Economy and Finance and African Development Bank Governor Ernesto Max Elias Tonela; Minister of Transport and Communications Mateus Magala; and Minister of Industry and Commerce, Silvino Augusto Moreno.

Discussions revolved around the Bank's support for private sector development and industrialization through strategic infrastructure projects along vital regional economic corridors linked to Maputo, Beira, and Nacala. These corridors hold immense potential to unlock Mozambique's economic opportunities and foster regional trade with several other countries.

Quaynor also held consultation meetings with other stakeholders involved in the Mozambican economy, including the Mozambican Association of Banks, Cahora Bassa Hydroelectric, Portos e Caminhos de Ferro de Mozambique, Maputo Port Development Company, Confederation of Economic Associations of Mozambique, Mozambique's premier industrial park company called Moz Parks, Export Trading Group and the Canadian Minister of International Development, Ahmed Hussen.

The Mozambican government expressed gratitude for the Bank's continued support for regional integration and green industrialization in Southern Africa.

Minister Tonela said, "We are encouraged by Mozambique's economic prospects. The resilience our nation has demonstrated in the face of acute shocks is a testament to the strength and determination of our people. However, we acknowledge that fragility drivers, such as climate change and security threats, remain a concern. This is why partnerships with development institutions like the AfDB are so crucial. We are determined to foster inclusive and green growth for our people, the region and the world."

The partnership between the Bank and Mozambique aligns with the country's national development plans and the institution's long-term strategies, prioritizing economic governance, private sector investment, and sustainable agricultural transformation - a critical sector for Mozambique's economic diversification.

Quaynor stated, "Mozambique's resilience is a strong indication of the leadership role that it is poised to play in ensuring green energy supply to the South African Power Pool, as well as building climate resilient economic corridors to benefit internal markets in Mozambique as well as regional trade with and from land-linked countries in the Southern Africa Development Community. We appreciate the government's steadfast trust in the Bank's capacity to deliver on its mandate in Mozambique."

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.