(Ecofin Agency) – Mozambique will benefit from a loan of $ 50 million from the OPEC Fund (Organization of Petroleum Exporting Countries), in support of its policy of promoting access to energy.
The resources approved Friday, October 30, 2020 by the financial institution, should give a boost to the beneficiary country, in its ambition to provide quality, accessible and sustainable energy to all its population by 2030, in line with the ‘United Nations Agenda 2030.
According to World Bank data, the country recorded in 2018 an electrification rate which hovered around 30%.
Mozambique is not the only beneficiary of financing from the OPEC Fund on the date mentioned above. The financial institution is also granting loans of $ 35 million and $ 50 million respectively to support El Salvador and Pakistan in their response to Covid-19.
Overall, the $ 135 million was approved through the Fund’s fast-track process, adopted to ensure that funding reaches those who need it most, quickly and efficiently.