Mozambique secures ADB funding.
Mozambique can resort to support from the Climate Action Window, an instrument of the BAD Group with US$8,9 billion for the period 2023 to 2025, as soon as this is structured, the deputy minister of Economy and Finance revealed this Friday.
According to Mozambican Deputy Minister Amílcar Tavane, Mozambique managed to:
“Secure funding for energy areas, in particular for mitigation and adaptation in the face of climate change”.
“Mozambique can submit concrete projects, as soon as the architecture of this new instrument is ready”.
As a result of meetings held with the vice-presidency of the African Development Bank (ADB) for this area.
“Mozambique can submit concrete projects, as soon as the architecture of this new instrument is ready”.
He also revealed the Mozambican deputy minister in a brief interview with Lusa, on the sidelines of the AfDB annual meetings, in which he participated this week in the Egyptian city of Sharm el Skeikh.
“We had a very useful discussion, we made our voice heard to look at climate finance issues”.
“And not just issues associated with carbon credits, guarantees for projects with a green growth component,” he declared.
This is because, the official stressed, “it is not enough to have resources”, it is necessary to prepare the projects well, and he noted a “very strong commitment on associated matters” on the part of the bank.
“The quality of the projects makes a lot of difference”, he underlined.
Remembering that 10% of the total amount allocated for the period from 2023 to 2025 is for technical assistance to projects.
To boost climate finance and promote Africa's resilient development in the face of the effects of climate change, the AfDB Fund and its partners created, in December 2022, the Climate Action Window (Climate Action Window, in the English name), aimed at low-income countries.
The value is 8,9 billion dollars (around 8,3 billion euros), 14,24% more than the existing availability in the previous period, and 429 million dollars (around 400 million) are capital used as a seed to attract other investors, from state to private, with the aim of reaching a total of 13 billion dollars (about 12,2 billion euros).
Mozambique is a country prone to the occurrence of adverse climatic shocks, and in the last five years, it has been particularly plagued by a series of cyclones that:
“They had terrible repercussions from the point of view of loss of human life, destruction of socio-economic infrastructure that was made with a lot of sacrifice”, recalled the minister.
For this reason, its participation in the annual meetings of the ADB Group, which end in Egypt this Friday, was particularly focused on this theme and on financial and technical support in the preferential areas for development, such as structuring – transport, ports, roads – energy, agriculture and water supply.
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Picture: © 2023 Francisco Lopes-Santos
