12 °c
London
Sunday, January 29, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Airports of Mozambique Plans to Reorganize $500 Million in Loans

FurtherAfrica by FurtherAfrica
June 2, 2016
in Africa, Banking, Economy, Finance, Government, Infrastructure, Mozambique, Transport, Travel
Reading Time: 1 min read
1.2k 12
2
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Airports of Mozambique plans to restructure loans of $500 million after a slide by the nation’s currency against the dollar undermined the state-owned company’s ability to repay loans, its chairman said.

The southern African nation has said it is in the process of restructuring another $535 million loan extended to state-owned Mozambique Asset Management after the company failed to meet a $178 million interest payment last month.

“Last year we achieved an operating profit, but because of the exchange rate and its impact, we had losses,” Chairman Emmanuel Chaves told reporters in the capital, Maputo, on Wednesday.

The metical depreciated by 32 percent against the dollar in 2015 and has extended that loss by a further 16 percent this year. S&P Global Ratings, which estimates Mozambique’s net general debt at 90 percent of gross domestic product this year, and Fitch Ratings in May lowered the country’s credit assessment, saying the nation was at a greater risk of default.

The loans, which were backed by state guarantees, were taken in order to build or modernize four airports, including those in Pemba and Tete towns, Chavez said. The company planned to privatize the airport in Nacala, in the northern Nampula province, he said.

The Brazilian Development Bank lent the company $80 million in 2011 for the Nacala facility, according to a statement on Airports of Mozambique’s website. The company also received $130 million from China in the same year, according to government news agency AIM.

Source: Bloomberg

Related

Tags: Aeroportos de MoçambiqueairportAirports of MozambiqueBeiraBNDESBrazilian Development Bankcurrency devaluationMaputometicalMozambiqueNacalaPembaモザンビーク莫桑比克
ScanSendShare500Tweet312Share87Pin112Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Aid

WFP welcomes major donation of €65.5M from EU to address food crisis in 11 African countries

by FurtherAfrica
January 29, 2023
Health

Zebra meat a potential protein source – researchers

by Farmers Review Africa
January 29, 2023
Wildlife

Tusk Conservation Awards open nominations

by Fabio Scala
January 29, 2023
Travel

Top 10 West Africa beach resorts romantic getaway

by See Africa Today
January 29, 2023
King Charles visits The Africa Centre in London
Culture

King Charles visits The Africa Centre in London

by Fabio Scala
January 28, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Aid

WFP welcomes major donation of €65.5M from EU to address food crisis in 11 African countries

by FurtherAfrica
January 29, 2023
0

An essential and timely contribution of €65.5 million from the European Union, received through its Humanitarian Aid department (ECHO), has...

Read more

Zebra meat a potential protein source – researchers

January 29, 2023

Tusk Conservation Awards open nominations

January 29, 2023

Top 10 West Africa beach resorts romantic getaway

January 29, 2023
King Charles visits The Africa Centre in London

King Charles visits The Africa Centre in London

January 28, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 99,627 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?