The World Bank has granted $300 million to Mozambique in a deal that marks the resumption of its support to the country, six years after it suspended aid following a financial scandal involving the government.
Mozambique’s finance minister, Max Tonela says the funds will be used for infrastructure projects to support the economy and improve the living conditions of the population.
The resumption of World Bank aid comes after the International Monetary Fund (IMF) granted its first loan to Mozambique (worth $456 million) in May, since the so-called “hidden debt” scandal.
This massive corruption case is linked to secret loans of $1.8 billion from foreign banks to Mozambican state-owned companies, guaranteed by the state.
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