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Mozambique : US$75 million WORLD BANK financing for MOZAMBIQUE

August 9, 2014

The World Bank plans US$50 million fund for Mozambique to improve the management system in its education and health sectors as well as to finance development of the country s financial sector with US$25 million.

According to the World Bank, the donation is to assure more transparency and efficiency in spending to supply, store and distribute medicines, and in school management.

The finance for the financial sector indicates that the organisation will provide outright half the agreed sum, or US$12.5 million, while opening a credit line for the same amount.

Major objective is to strengthen regulation and oversight of the Mozambican banking system, which presently counts 18 banking institutions along with the respective security network and crisis management framework. The World Bank also seeks streamlining of the markets for public sector securities and promote more expansion of financial services, whose inclusion rate stands at about 4.3 percent (900,000 people).

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Source: TendersInfo (India)

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