Maleiane believes AFCFTA is crucial for job creation

Maputo, 31 Jul (AIM) – Mozambican Prime Minister Adriano Maleiane believes that the African Continental Free Trade Area (AfCFTA) is a crucial platform for job creation which generates significant revenues for the country

This, he added, meant there is a need to support activities that can boost the flexible functioning of the Free Trade Area.

Maleiane was speaking on Tuesday, in Maputo, at the 40th Session of the General Assembly of the Board of Governors of the Trade and Development Bank of Eastern and Southern Africa (TDB).

The session is running in parallel with the General Assembly of the Board of Governors of the Trade Fund (TDF).

According to the Prime Minister, AfCFTA can strengthen the implementation of projects in the sectors of agriculture, infrastructure, energy, transport, logistics and others.

“By way of example, in the energy sector, our country has benefited from a 108 million US dollar line of financing to implement the Liquefied Natural Gas (LNG) project in the northern province of Cabo Delgado”, he said.

Maleiane explained that the government also counts on the financial support from the TDB group for the development, processing and export of grain.

“The TDB has also funded programmes focused on integrating family farmers into production value chains by investing in modern agricultural technologies and sustainable practices. This financial support has contributed to improving production and resilience to climate change. In the area of transport and logistics, the TDB supports projects that contribute to strengthening regional economic integration and trade relations between Mozambique and the countries of the hinterland”, he said.

For his turn, the TDB Executive Director, Adamassu Tadesse, said that six more countries, including Botswana, Ghana, Senegal and Mauritius, had joined the group as new shareholders, which means its capital assets have increased by 20 percent.

“For the first time in 40 years, we reached 20 million dollars in equity and our net profits have grown to an all-time high of 230 million US dollars”, he said.

(AIM)

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