OFID invests $12 million in Mozambique fisheries project
20-03-2019 05:50:41 | by: Bob Koigi | hits: 2551 | Tags:

OFID – the OPEC Fund for International Development – 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 loan will 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 and the government of Mozambique – 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 US$275 million and targeting mainly the agriculture, fishery, energy, education and transportation sectors. The country has also benefited from a number of regional and national grants.

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