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The African Development Bank (AfDB) has approved a 20 million-U.S.-dollar fund to improve the business environment and boost investments for climate-smart agriculture in Mozambique, as announced by the institution in a statement.
“This financing is the first of two successive operations to support the general budget for fiscal years 2023 and 2024, each worth around 20 million dollars,” said the report released on Monday.
The program will support reforms in two main areas: improving the favorable environment for the private sector to promote economic recovery and green growth, as well as strengthening the efficiency, accountability, and transparency of public expenditure, according to the report.
It is expected to stimulate the development of agribusiness and micro, small, and medium-sized companies, in addition to financing efforts to integrate gender and climate action initiatives into economic development, it added.
“The program has a strong focus on private sector development, with particular emphasis on increasing the participation of this sector in key areas, particularly agribusiness, and a strong potential for job creation, including for women and young people, and is expected, therefore, that it has a positive impact on socio-economic development in Mozambique,” the report said.
As of July 2023, the report said, the active portfolio of the bank in Mozambique amounted to 1.19 billion dollars. These investments encompass the energy, transport, agriculture, social sectors and multi-sector operations.
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