World Bank Approves $300 Million Grant For Mozambique

15 Jul 2022

The World Bank has approved a $300 million grant to Mozambique. This grant is intended to help the country promote good governance, sustainable development and improve the ease of doing business in the country.

World Bank grant

According to a press release issued on 13 July 2022, the World Bank approved a $300 million grant to Mozambique to help the country:

  • Promote good governance and transparency in the public sector.
  • Promote sustainable development.
  • Improve the ease of doing business in the country. Supporting SMMEs is an economic priority. This can be extended by enhancing processes attached to starting a business, improving access to finance for small and medium-sized enterprises, and enabling further access to financial services for middle and low-income households. 

“This operation supports the country’s recovery from COVID-19 and structural reforms to foster sustained growth, while providing much-needed financing to alleviate recent fiscal constraints. This operation couldn’t come at a better moment as Mozambique’s economy is still reeling from the compounded effects of COVID-19, the protracted slowdown triggered by the hidden debt crisis, and the devastation caused by the tropical cyclones of 2019,” said Idah Z. Pswarayi-Riddihough, World Bank Country Director for Mozambique, Madagascar, Comoros, Mauritius, and Seychelles. 

SMME support in Mozambique

The objectives for this grant are threefold: to improve the quality of the public institution (SDG16), to fight against climate change and its actions (SDG13) and to put the Mozambican entrepreneur at the centre of the economy (SDG8).

We look forward to seeing the Mozambique economy grow. 

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