World Bank: Investment boom should buoy Mozambique

Once crippled by a civil war that stretched on for 16 years, Mozambique may finally be on its way towards economic recovery and growth if it takes advantage of booming investment in the country. World Bank President Robert Zoellick has pledged to help the South African state develop strategies that optimize the recent surge in investments and respond to the basic needs of Mozambicans. “For us, the question is to learn how we adjust our role as they get into a different stage in transition,” Zoellick said after he met with Mozambican Prime Minister Luisa Diogo and the country’s own business community. Although the nation has demonstrated healthy annual economic progress since the end of its protracted civil war in 1994, two-thirds of Mozambicans still continue to live in poverty. “There has been very good economic growth but it started very poor and … it is not surprising to me that even with good growth rates you still see a lot of poverty,” cautioned Zoellick.

Source: World Bank hopes Mozambique can benefit from boom (Reuters)

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