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More debt relief, aid

    JOHANNESBURG
    Portugal, Mozambique's former colonial master, has rescheduled 90 percent of the country's US $470 million bilateral debt, news reports said. Portugal's finance minister Sousa Franco said on Wednesday this initiative formed part of his country's support for Mozambique's macro-economic policies and would further boost the impoverished country's economy. At the same time, the Islamic Development Bank (IDB) has pledged more than US $80 million to support Mozambique's development projects over the next three years. The IDB was quoted as saying the projects to be supported would include education, primary health, water sanitation, energy and telecommunication infrastructure initiatives and funding for the promotion of the private sector.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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