World Bank lines up $250m credit for three African nations

The World Bank has approved a line of credit worth $250 million for three African countries namely Uganda, South Sudan and Mozambique.

The Bank is lending $150 million to aid Uganda’s local governance, $50 million for South Sudan’s local governance delivery programme and another $50 million credit to boost technical assistance in Mozambique’s mining and gas sectors.

The World Bank’s Board of Executive Directors separately approved the funds on March 28, 2013 and each of the countries has 40 years to payback the loans with a ten-year grace period.

By Ekow Quandzie