Mozambique Oil & Gas: OPEC Fund opens US$78.8 million credit line for public sector

Mozambique Benefited from OPEC Fund credit line
Mozambique Benefited from USD78 Million OPEC Fund credit line

With a credit portfolio totalling US$78.8 million, Mozambique tops the list of Portuguese-speaking African countries whose governments have been funded by the organisation of Petroleum exporting Countries (OPEC), and is followed by Cabo Verde (Cape Verde – US$20.5 million), Angola (US$18.3 million) and Sao Tome and Principe (US$3 million).

Mozambique is amongst the Portuguese-speaking African Countries (PALOP) that has benefited most from credit lines for the public sector from the Organisation of Petroleum Exporting Countries Fund for International Development (OFID).

Guinea Bissau currently has no loans from OFID although in the past it sought funding of US$13.97 million from the organisation.

Overall Mozambique has received funding of US$209.2 million from OFID and Cabo Verde has received US$65.8 million, Angola US$43.01 million and Sao Tome and Principe US$21.8 million.

OFID, which was established in 1976, currently receives contributions from Algeria, Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. In 2013 it funded public projects in 103 developing countries in Africa, Latin America and the Caribbean, Asia and Europe.

In sector terms OFID’s funding in Mozambique was earmarked for Agriculture and Agro-industry (US$58.59 million), Energy (US$45.54 million), Transport (US$34.67 million), non-sector funding (US$28.05 million), Education (US$22.6 million), Health and Population (US$17 million) and Industry (US$2.82 million).

In terms of funding the private sector the fund provided loans of US$12 million for Midal Moçambique to build an aluminium cable factory inMatola on the outskirts of the Mozambican capital.( macauhub/MZ)

 

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