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Archive for July 2nd, 2008

Filed Under (Mozambique News, Mozambique Travel) by BC Travel on July-2-2008

Portugal on Tuesday cancelled more than 390 million dollars in debt owed by Mozambique and agreed to a separate loan to help key sectors of the African country’s economy, officials said.
Mozambican finance minister Manuel Chang said the cancellation of the 393.4 million dollars (249 million euros) Mozambique owed former colonial power Portugal, dating back to 1975, would help fight poverty in the country.
Portugal’s finance minister, Fernando Teixiera dos Santos, also signed a line of credit of 100 million euros to help develop economic sectors such as agriculture and mining.
Mozambique’s economy is still struggling to recover after a long period of civil war between 1975 and 1992.
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