World Bank backs more flexible project financing in Mozambique
The bank says Mozambique must loosen its funding mechanisms so natural resources can turn into development, 42 years after ties began.
The World Bank has acknowledged that Mozambique needs to make its project financing mechanisms more flexible. The aim, the bank says, is to ensure the country's natural resources are converted into development for Mozambique.
The relationship between Mozambique and the World Bank officially began in 1984. 42 years later, the bank says many challenges remain, one of them being delays in the approval and release of project funds.
The packet does not give further figures, dates or reactions to the bank's position.
Why it mattersInvestors in Mozambique's natural resource projects are directly affected, because the World Bank is calling for changes to how those projects are financed.