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Mozambique : WORLD BANK approves US$25 million funding to support MOZAMBICAN financial sector

July 22, 2014

The World Bank has announced sanctioning an amount of US$25 million for the first government programme to develop the Mozambican financial sector.

The World Bank group's International Development Association will be providing the funding and it includes US$12.5 million in donation and equal amount in loan, with a 38-year maturity and a 6-year grace period.

Mark R. Lundell, World Bank director for Mozambique said, This funding supports the government s efforts to carry out the government strategy for development of the financial sector.

The funding will be used to support financial stability by way of enhancing risk management at banks and solidity of assets and also towards implementation of crisis management and reforms to promote financial inclusion, focusing on the credit reporting system, electronic banking, consumer protection, payment systems and the insolvency framework. The funding will even support financial markets in the longer term by strengthening reforms of debt and capital markets.

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Source: TendersInfo (India)

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