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Mozambique gets ADB funds to mitigate climate effects, but wants better project readiness

"Mozambique can present concrete projects, as soon as the architecture of this new instrument is ready."revealed the Mozambican deputy minister

Mozambique will be able to resort to the support of the Climate Action Window, an instrument of the ADB Group with US$8.9 billion for the period 2023 to 2025, as soon as it is structured, the Vice Minister of Economy and Finance revealed this Friday.

Amílcar Tavane said that the country managed to “secure financing for energy areas, particularly for mitigation and adaptation to climate change,” as a result of the meetings he held with the vice-presidency of the African Development Bank (ADB) for this area. . .

“Mozambique can present concrete projects, as soon as the architecture of this new instrument is ready,” revealed the Mozambican deputy minister in a brief interview with Lusa, on the sidelines of the annual AfDB meetings, in which he participated this week in the Egyptian city. from Sharm el Skeikh.

“We had a very useful discussion, we made our voices heard to look at climate finance issues, and not just issues associated with carbon credits, guarantees for projects with a green growth component,” he declared. This is because, the official stressed, “it is not enough to have resources”, projects must be well prepared, and pointed out a “very strong commitment in associated matters” on the part of the bank.

“The quality of the projects makes a lot of difference”he stressed, noting that 10% of the total amount earmarked for the period 2023 to 2025 is for technical assistance to projects.

To boost climate finance and promote the resilient development of Africa in the face of the effects of climate change, the AfDB Fund and its partners created, in December 2022, the Climate Action Window, aimed at low-income countries.

EITHER value is 8,900 million dollars (about 8,300 million euros), 14.24% more than the existing availability in the previous periodand 429 million dollars (about 400 million) are used as seed capital to attract other investors, from state to private, with the aim of reaching a total of 13,000 million dollars (about 12,200 million euros).

Mozambique is a country prone to the occurrence of adverse climatic shocks, and in the last five years it has been particularly hit by a series of cyclones that “had terrible repercussions from the point of view of loss of human life, destruction of economic infrastructures that They did it with a lot of sacrifice”, recalled the minister.

For this reason, his participation in the annual meetings of the AfDB Group, which ends this Friday in Egypt, was especially focused on this issue and in financial and technical support in preferential areas for development, such as structuring – transport, ports, roads – energy, agriculture and water supply.

Source: Observadora

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