africa Economy FDI Finance Mozambique

Foreign investors promise to plough $1.5 billion in Mozambique

The provincial governor of Mozambique’s southern flagship tourism province of Inhambane, Daniel Chapo said foreign investors have promised to plough up to $1.5 billion in the region in the development of infrastructures in the region, APA can report on Sunday.

The official said the pledge was made at the end of a two-day investment conference in Inhambane which ended on Friday.

“We are pleased to announce, with all satisfaction, that the Conference achieved the aspirational objectives, as we left this space with commitments made for these projects,” he is quoted as saying by state-controlled radio Mozambique on Sunday.

It is hoped that these investments will improve the living conditions of the population, through the mobilization and sustainable exploitation of resources that the province has.

This amount includes investment projects related to the production and processing of cashew, prospecting and research of heavy sands in the districts of Jangamo and Inharrime, construction and operation of a clinic in the city of Maxixe.

“Other projects include the development of agricultural activities in the Panda district, production and processing of rice and pigeon beans, and rehabilitation and expansion of the Lindela-Inhambane,
Inhambane-Tofo and Barra roads”, the official added.

The Conference was attended by at least 400 people from different parts of the country and the world, including national and foreign investors, international cooperation partners and economic agents.

The two-day event was intended to attract investors in the area of Tourism, Infrastructure and Agro-Livestock as well as mobilizing resources for the recovery of the province after the damages caused by cyclone Dineo in February.

Tropical storm Dineo, which brought rain and strong winds, killed seven people in Inhambabe province in mid-February this year and drove away 190,000 others from their homes while about 20,000 homes were destroyed.

One of the world’s poorest countries and also in the throes of a financial crisis, Mozambique is prone to flooding. It is especially vulnerable after major droughts last year as soils degraded or hardened by dry spells do not easily absorb water.

Source: Journal du Cameroun

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