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World Bank loan for roads and bridges in Mozambique
THE WORLD BANK has approved a loan of $100 million to support the second phase of Mozambique's Roads and Bridges Management and Maintenance project.
According to a World Bank press release, the Bank's board of directors approved the credit, from the Bank's soft loan arm, the International Development Association. The Bank describes the roads project as "part of a ten-year programme designed to help stimulate growth and contribute to poverty reduction through improved road infrastructure, better sector policies and enhanced road sector management".
The release says that the loan will be on standard IDA terms. These are a commitment fee of 0.35%, a service charge of 0.75%, and a repayment period of 40 years, which includes a 10 year period of grace.
The Bank says this programme will focus on Mozambique, Kenya, Tanzania and South Africa. The programme will be financed by a grant of $11 million dollars from the Global Environment Facility. The World Bank is one of the GEF's implementing agencies.
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