Mozambique, SA hold economic meeting

Mozambique and South Africa on Friday agreed to speed up work on new energy-production projects to benefit both countries, South African Trade and Industry Minister Mandisi Mpahlwa said. This was among several issues discussed at a one-day binational commission in Maputo, also attended by President Thabo Mbeki.

IMF praises Mozambique's fiscal policies

Prudent fiscal and monetary policies during 2007 have kept inflation under control in Mozambique, the International Monetary Fund said in a statement on Monday. "We congratulate the Mozambican authorities on their strong commitment to sound economic policies and for an impressive economic track record over the last years.

Bottleneck at Mozambique border causes alarm

Inefficiency at one of the border posts between South Africa and Mozambique is a key constraint to accelerated growth of trade and investment between the two countries, the Maputo Corridor Links Initiative (MCLI) said on Thursday. MCLI chief operating officer Barbara Mommen said delays in the movement of cargo through the Lebombo/Ressano Garcia border post was costly

Mozambique looks to donors to boost budget

More than 50% of Mozambique's national budget for 2008 will be made up of a financial injection from foreign donors, the Friday edition of Daily Investor Intelligence reported. Manuel Chang, Finance Minister, said that 56% of the 89-billion meticais (about $3,5-billion) will be secured from international donors.

Mozambique takes control of Cahora Bassa

Mozambique will finally take control this week of the biggest dam in sub-Saharan Africa, which had remained in Portuguese hands for more than three decades after the former colonial power's departure. "We are finally going to be able to use the dam to satisfy the energy needs of our country," said President Armando Guebuza.

Tea, sugar to help boost Africa's energy

Mozambique is among Southern and East African countries that will benefit from new, $100-million energy projects. The United Nations Environment Programme said in a press release issued on Thursday that the projects will use tea and sugar residues to generate energy.

Major mining project for Mozambique

Mozambique's President Armando Guebuza will officially open the country's second biggest investment project on Friday. Radio Mozambique said in a report that Guebuza would open the $460-million Moma heavy sands project located in the Moma district of Nampula.

Mozambique launches $550m biofuels project

The state-owned Mozambican Petroleum Company on Thursday unveiled a $550-million biofuels project aimed at easing an energy crunch in the fast-growing Southern African nation. A senior official said it will lead to a maximum annual production of 226-million litres of ethanol and biodiesel seven years after start-up.

IMF hopes to triple African countries' voting rights

International Monetary Fund (IMF) director general Rodrigo Rato on Monday expressed the organisation's commitment to triple the voting rights of African nations in the organisation. "We are conscious of the fact that current voting rights of African countries are insufficient and not representative enough," Rato said.

World Bank provides $100m for Mozambican roads

The World Bank agreed on Monday to give Mozambique $100-million in credit to help upgrade its road network, most of which was damaged and neglected during a 17-year civil war that ended in 1992. Mozambique will be exempt from interest and have 40 years to pay back the funds.

Mozambique mulls US group's $1,3bn refinery plan

Mozambique's government is considering a proposal by a group of United States businessmen to build a $1,3-billion oil refinery in the Southern African country. The proposed refinery at Nacala would be the first of its kind in Mozambique, which has relied entirely on imports of oil products.

Mozambique leader hails dam deal with Portugal

Mozambican President Armando Guebuza on Wednesday hailed Portugal's transfer of control of a huge hydroelectric plant to its former colony as the end of "the final redoubt of foreign domination". Guebuza signed an agreement with Portuguese Prime Minister Jose Socrates late on Tuesday to buy 82% of shares in the Cahora Bassa dam on the Zambezi river.

France removes Mozambique airline from blacklist

France has removed Mozambique's national carrier from a blacklist of airlines prohibited from using its airports, aviation officials said on Tuesday. National Director of Civil Aviation Antonio Pinto welcomed the decision, saying the ban had hurt Linhas Aereas de Mocambique financially and damaged the country's reputation abroad.

EU sugar plans 'could destroy African producers'

Mozambique's Minister of Industry and Trade, Antonio Fernando, expressed concern on Saturday that European Union plans to reform its sugar price regime could destroy local producers. Fernando said 30 000 jobs in Mozambique are at risk because of the planned changes.

Gas project leads way to Mozambique's recovery

A $1,2-billion natural-gas project led by South Africa's petrochemical giant Sasol in neighbouring Mozambique has fuelled hopes for the economic recovery of the country's once-vibrant southern hub. With the Matola gas project, Mozambique also hopes to cut its annual fuel imports by about $80-million.

Vodacom Mozambique hits 100 000 customers

Vodacom Mozambique, a subsidiary of South African mobile services provider Vodacom, last week reached the 100 000 customer milestone after commencing commercial operations in one of Africa's most promising economies in December last year.

Foreign investment in Africa not all that bad

At an average of 2,5% of gross domestic product, levels of foreign direct investment (FDI) flows into Africa are not as low as generally believed, especially relative to Africa's market size compared with the rest of the world, according to the World Bank's Alan Gelb. But South Africa in particular has recently recorded FDI flows that are well below their potential.

Name and shame them, says Manuel

South Africa on Thursday called for a tough stance on corruption, a key barrier to economic growth in Africa, proposing a name-and-shame campaign against big companies involved in the practice. "Clearly, corruption is a very big issue," South Africa's Minister of Finance Trevor Manuel said at the World Economic Forum for Africa.

Business needs to help with Africa's growth

African governments will work with big business to launch projects that will shore up the New Partnership for Africa's Development (Nepad) continental economic rescue plan, Mozambique's President Joaquim Chissano said on Tuesday at the opening of a three-day World Economic Forum for Africa conference.

Economic forum to open in Mozambique

The World Economic Forum conference on Africa was due to open on Wednesday in Mozambique to work out how a homegrown economic rescue plan could turn the world's poorest continent into a global player. A focal point is the New Partnership for Africa's Development (Nepad), an amibtious plan to pull the continent out of poverty by encouraging investment and embracing good governance and financial transparency.

SAA signs deal with Mozambique carrier

South African Airways (SAA) and Mozambique's national carrier Linhas Aereas de Mocambique (LAM) have signed a code-sharing agreement that will allow joint bookings and extend each airline's reach on the continent.

Mozambique gas heralds clean era for SA

Clean natural gas should start flowing from Mozambique's gas fields in late 2003 and is expected to seriously re-arrange neighbouring South Africa's energy mix as many industries switch from dirty coal.

Absa boss predicts solid GDP growth

Absa expects South Africa to continue to experience solid economic growth for quite some time. "I believe that we're likely to see solid GDP [gross domestic product] growth for the next few years," Absa CEO Steve Booysen told journalists on a trip to Mozambique where the South African bank has interests.

ADB lends $500m to Eskom for expansion

The African Development Bank (ADB) has lent $500-million to fund Eskom's multibillion-dollar expansion project, and to help the power-starved country achieve 6% economic growth from 2010, the bank said on Wednesday. Eskom is battling to shore up electricity supplies due an economic boom that has boosted demand.

Mozambique to sell more power to SA

South Africa's state power utility is near a deal to buy more electricity from Mozambique's Cahora Bassa development in a bid to ease an energy crisis threatening Africa's largest economy, a Mozambican official said on Tuesday. Eskom is negotiating to buy an additional 250MW of electricity per day from Hydroelectrica de Cahora Bassa.

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