Mozambique: EU Gives US $58 Million to Fight Poverty

22 March 2001
UN Integrated Regional Information Networks

The European Commission (EC) is giving Mozambique US $58 million to aid the government's fight against poverty, a commission statement was quoted as saying on Thursday.

The statement said the money would contribute "to the continuity of the positive results attained in the country's economic and social areas, particularly actions contributing significantly to the reduction of poverty,"

The first US $22 million will be available immediately, while the remaining US $36 million dollars will be disbursed between June and July, the Commission said.

Meanwhile news reports added that the European Investment Bank would also write off US $17.5 million of Mozambique's debt under the Highly Indebted Poor Countries (HIPC) initiative.

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