OFID inks $12 million loan pact to support fisheries project in Mozambique

March 7, 2019 Off By Web Desk

Vienna The OPEC Fund for International Development (OFID) has signed a $12 million loan agreement with Mozambique to co-finance a project aimed at strengthening artisanal and industrial fishing to boost food security and improve living standards.

The agreement was signed by OFID Director-General Dr. Abdulhamid Alkhalifa and Mozambique’s Deputy National Director of Treasury Ms. Ester dos Santos Jose, at OFID’s Vienna headquarters.

An OFID statement published on Tuesday said that the loan would support the Angoche Fishing Port Project by financing the construction of port infrastructure in Mozambique’s Nampula Province. On completion, the project, which is co-financed by the Arab Bank for Economic Development in Africa (BADEA) and the Mozambican government, will promote more competitive and sustainable trade, strengthen the fisheries value chain and facilitate exports.

OFID and Mozambique have enjoyed a strong partnership for over 40 years, with public and private sector loans (including the loan provided under the newly-signed agreement) totaling more than $275 million and targeting mainly the agriculture, fishery, energy, education and transportation sectors. The Southeast African nation has also benefited from a number of regional and national grants.

Source: International Islamic News Agency