World Bank to mobilise $2.5 billion for Mozambique over the next five years

The World Bank Group plans to mobilise US$2.5 billion for Mozambique over the next five years under the new Country Partnership Framework (CPF), focusing on job creation to drive economic growth. “This new CPF is a selective shift in our engagement with Mozambique to reflect our laser focus on jobs,” said the World Bank Division Director for Mozambique, Madagascar, Mauritius, Seychelles and Comoros, Fily Sissoko, quoted in a statement sent to Lusa today. “By focusing on economic corridors and sectors with high job creation potential, such as energy, agribusiness, and tourism, we aim to mobilize around $2.5 billion over the CPF period to help Mozambique transform its natural wealth into tangible opportunities and better jobs, particularly for youth and women,” the official added.

READ:New World Bank Group strategy for Mozambique: Driving inclusive, resilient, and job-rich growth The World Bank’s programme for Mozambique over the next five years provides for the mobilisation of financing instruments by the various entities of the Group, including guarantees, private sector support and advisory services for the launch of projects in the country. “During this new partnership cycle, financial instruments from across the World Bank Group will be mobilized to help attract private investment, including guarantees, blended finance, and advisory services, including through flagship initiatives such as Mission 300 and AgriConnect,” linked to electricity and agriculture. The World Bank’s new strategy for Mozambique “focuses on energy, agribusiness and tourism, while also developing a skilled workforce, strengthening macroeconomic stability and addressing fragility”, in order to reinforce macroeconomic and fiscal stability, improve workforce skills, expand access to energy, boost economic corridors and increase private sector-led jobs. In addition to the US$2.5 billion, the World Bank has also approved Mozambique’s access to around US$450 million from the Prevention and Resilience Allocation, aimed at “preventing and reducing conflict, preventing drivers of fragility and building broader stability in the coming years”, as announced last week by Mozambique’s Ministry of Finance.