MAPUTO - The World Bank has moved $150 million of the funds it has earmarked for Mozambique projects to help fund the southern African nation's efforts to recover from the aftermath of Cyclone Freddy.
One of the deadliest storms to hit the continent in the last two decades, Freddy ripped through Malawi, Mozambique and Madagascar, first in late February before circling back in March. Over 1,000 people were reported dead in the region.
The World Bank said the money would aid the Mozambican government in restoring transport infrastructure and provide services including on water supply, sanitation, health and education.
The funds are drawn from the World Bank's existing projects in Mozambique, and are separate to the $300 million grant it approved in July, the multilateral lender said. It consists of $100 million in grant money and $50 million as credit extended by the bank.
"Our priority is to support the Government to respond to this emergency quickly and ensure that the people affected by yet another cyclone can recover as soon as possible," said Xavier Chavana, the lender's disaster risk management specialist in Mozambique.
(Reporting by Manuel Mucari; Writing by Bhargav Acharya; Editing by Hugh Lawson)