THE World Bank signed off Monday on a $300 million grant to Mozambique, marking its return to the country six years after it suspended aid over a hidden debt scandal.
Mozambique’s Finance Minister Max Tonela said the money will be used to finance infrastructure projects to help boost the economy and improve living conditions in the country — one of the world’s poorest.
“This is the first state budget support funding that we hope to see in the next three years,” Tonela said at a signing ceremony in the capital, Maputo.
The agreement follows a $456 million deal with the International Monetary Fund (IMF) signed in May that marked Mozambique’s return to good graces after a scandal that triggered its worst economic crisis since independence from Portugal more than four decades ago.
The government contracted secret loans amounting to $2 billion in 2013 and 2014 from international banks to buy
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