Mozambique to ask African Development Bank for US$1.4 bln

Mozambique will ask the African Development Bank for about US$1.4 billion for 25 projects, Lusa reports.

The Portuguese news agency says the project proposals will be presented to a meeting in South Africa in November.

The report says the proposals are for projects in education, tourism, energy, agriculture and infrastructure.

It quotes an official of the African Development Bank, Pietro Toigo, as saying the projects will get the money if they are good enough, and that he is optimistic about their prospects.

Mr Toigo said the African Development Bank could tap sources of funding other than its own money.

At the meeting in November his bank expects to promise funding for over 100 projects in Africa that together require US$50 billion, Lusa says.