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Korea Republic of,Mozambique : SOUTH KOREA finances road and landfills in MOZAMBIQUE

June 1, 2014

The Mozambican government and South Korea s Eximbank signed 2 loan agreements in for a total of US $124 million.

One of the agreements, for $74 million, is for the construction of the road between the northern city of Nampula and the town of Nametil. The second, $48 million, is to build landfills to deal with urban solid waste from Maputo and the neighbouring city of Matola.

The loans have an interest rate of 0.01%, and a maturity period of 40 years, including a grace period of 15 years.

According to the National Roads Administration (ANE), it will take 2 years to build the 74 km long Nampula-Nametil road, which will improve the link between Nampula and the coastal districts of Moma and Angoche.

Implementation of this project will empower the development of that area, improving the lives of the people living there, stimulating the extractive industry, and encouraging tourism in the coastal areas.

Kenmare resources, operates a dredge mine, exploiting the titanium rich heavy mineral sands.

This project will include a centre to recycle waste, and to produce biogas from garbage. This would provide a source of employment and income.

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Source: TendersInfo (India)

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