The African Development Bank (AfDB) Secures 162 M$ in Financing for EDM’s Participation in the Mphanda Nkuwa Project
The African Development Bank (AfDB) has expressed its interest in financing the participation of Electricidade de Moçambique (EDM) in the Mphanda Nkuwa hydroelectric project in Tete to the tune of 162 million dollars, on concessional and non-refundable terms.
The financial institution has also pledged to make another 300 million dollars in guarantees and capital available to the public sector, on competitive terms, for investment in the hydroelectric plant.
The interest arose during the participation of the Mphanda Nkuwa Hydroelectric Project Implementation Office (GMNK) in the African Investment Forum 2023 (AIF), which took place from November 8 to 10 in Marrakech, Morocco.
The AIF is a platform dedicated to promoting investment opportunities across the African continent. The event brought together investors, governments and companies to promote and facilitate business and investment in various sectors, such as energy, infrastructure and agriculture.
During the Forum, data shared by the director of GMNK, Carlos Yum, indicated that Mphanda Nkuwa was one of the investment projects selected by the Investment Committee, under the auspices of the AfDB. The criteria include, among other things, the organizational structure of implementation, technical, economic and financial viability, social and environmental impact, as well as the Sustainable Development Goals.
In this context, the investment project was presented at a session called the “Investment BoardRoom”, in which the selected enterprises had the opportunity to present their investment proposal in detail to international financial institutions, export credit and insurance agencies, as part of the Investment Forum organized by the AfDB.
In Morocco, the GMNK also held meetings with the Islamic Development Bank and the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group.
