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#Banking


AFRICAN DEVELOPMENT BANK BOLSTERS PARTNERSHIP WITH MOZAMBIQUE FOR ECONOMIC
GROWTH

March 22, 2024
3 min read
Author: Aayushya Ranjan
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The African Development Bank and Mozambique reinforced their partnership during
a visit by Mr. Solomon Quaynor, the Bank’s Vice President for Private Sector,
Infrastructure and Industrialization.

This visit, held from March 12th to 15th, 2024, underscores the Bank’s
commitment to supporting Mozambique’s economic growth trajectory, particularly
following the third review of the country’s Extended Credit Facility with the
International Monetary Fund and the Bank’s recent Economic Acceleration Package
and Budget Support Mission.

Accompanied by the Bank’s Country Manager Cesar Mba Abogo, Vice President
Quaynor held meetings with key government officials, including Minister of
Economy and Finance and African Development Bank Governor Ernesto Max Elias
Tonela; Minister of Transport and Communications Mateus Magala; and Minister of
Industry and Commerce, Silvino Augusto Moreno.

Discussions revolved around the Bank’s support for private sector development
and industrialization through strategic infrastructure projects along vital
regional economic corridors linked to Maputo, Beira, and Nacala. These corridors
hold immense potential to unlock Mozambique’s economic opportunities and foster
regional trade with several other countries.

Quaynor also held consultation meetings with other stakeholders involved in the
Mozambican economy, including the Mozambican Association of Banks, Cahora Bassa
Hydroelectric, Portos e Caminhos de Ferro de Mozambique, Maputo Port Development
Company, Confederation of Economic Associations of Mozambique, Mozambique’s
premier industrial park company called Moz Parks, Export Trading Group and the
Canadian Minister of International Development, Ahmed Hussen. 

The Mozambican government expressed gratitude for the Bank’s continued support
for regional integration and green industrialization in Southern Africa.

> We are encouraged by Mozambique’s economic prospects. The resilience our
> nation has demonstrated in the face of acute shocks is a testament to the
> strength and determination of our people. However, we acknowledge that
> fragility drivers, such as climate change and security threats, remain a
> concern. This is why partnerships with development institutions like the AfDB
> are so crucial. We are determined to foster inclusive and green growth for our
> people, the region and the world.
> 
> Ernesto Max Elias Tonela, Governor, African Development Bank

The partnership between the Bank and Mozambique aligns with the country’s
national development plans and the institution’s long-term strategies,
prioritizing economic governance, private sector investment, and sustainable
agricultural transformation – a critical sector for Mozambique’s economic
diversification.

> Mozambique’s resilience is a strong indication of the leadership role that it
> is poised to play in ensuring green energy supply to the South African Power
> Pool, as well as building climate resilient economic corridors to benefit
> internal markets in Mozambique as well as regional trade with and from
> land-linked countries in the Southern Africa Development Community. We
> appreciate the government’s steadfast trust in the Bank’s capacity to deliver
> on its mandate in Mozambique.
> 
> Mr. Solomon Quaynor, Vice President for Private Sector, Infrastructure and
> Industrialization, African Development Bank


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