African Development Bank Bolsters Partnership with Mozambique for Economic Growth

African Development Bank VP’s visit emphasizes support for Mozambique’s economy through infrastructure, private sector development discussions.

The African Development Bank and Mozambique reinforced their partnership during a visit by Mr. Solomon Quaynor, the Bank’s Vice President for Private Sector, Infrastructure and Industrialization.

This visit, held from March 12th to 15th, 2024, underscores the Bank’s commitment to supporting Mozambique’s economic growth trajectory, particularly following the third review of the country’s Extended Credit Facility with the International Monetary Fund and the Bank’s recent Economic Acceleration Package and Budget Support Mission.

Accompanied by the Bank’s Country Manager Cesar Mba Abogo, Vice President Quaynor held meetings with key government officials, including Minister of Economy and Finance and African Development Bank Governor Ernesto Max Elias Tonela; Minister of Transport and Communications Mateus Magala; and Minister of Industry and Commerce, Silvino Augusto Moreno.

Discussions revolved around the Bank’s support for private sector development and industrialization through strategic infrastructure projects along vital regional economic corridors linked to Maputo, Beira, and Nacala. These corridors hold immense potential to unlock Mozambique’s economic opportunities and foster regional trade with several other countries.

Quaynor also held consultation meetings with other stakeholders involved in the Mozambican economy, including the Mozambican Association of Banks, Cahora Bassa Hydroelectric, Portos e Caminhos de Ferro de Mozambique, Maputo Port Development Company, Confederation of Economic Associations of Mozambique, Mozambique’s premier industrial park company called Moz Parks, Export Trading Group and the Canadian Minister of International Development, Ahmed Hussen. 

The Mozambican government expressed gratitude for the Bank’s continued support for regional integration and green industrialization in Southern Africa.

We are encouraged by Mozambique’s economic prospects. The resilience our nation has demonstrated in the face of acute shocks is a testament to the strength and determination of our people. However, we acknowledge that fragility drivers, such as climate change and security threats, remain a concern. This is why partnerships with development institutions like the AfDB are so crucial. We are determined to foster inclusive and green growth for our people, the region and the world.

Ernesto Max Elias Tonela, Governor, African Development Bank

The partnership between the Bank and Mozambique aligns with the country’s national development plans and the institution’s long-term strategies, prioritizing economic governance, private sector investment, and sustainable agricultural transformation – a critical sector for Mozambique’s economic diversification.

Mozambique’s resilience is a strong indication of the leadership role that it is poised to play in ensuring green energy supply to the South African Power Pool, as well as building climate resilient economic corridors to benefit internal markets in Mozambique as well as regional trade with and from land-linked countries in the Southern Africa Development Community. We appreciate the government’s steadfast trust in the Bank’s capacity to deliver on its mandate in Mozambique.

Mr. Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization, African Development Bank

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