{"id":58243,"date":"2024-03-30T22:26:22","date_gmt":"2024-03-30T22:26:22","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation"},"modified":"2024-03-30T22:32:19","modified_gmt":"2024-03-30T22:32:19","slug":"new-entity-to-manage-500m-from-millennium-challenge-corporation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation","title":{"rendered":"New entity to manage $500M from Millennium Challenge Corporation"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s government on Tuesday announced the creation of an institution to manage more than $537 million (\u20ac494 million), of which $500 million (\u20ac460 million) from the Millennium Challenge Corporation (MCC).<\/p>\n

\u201cThe Millennium Challenge Account (MCA) Mozambique is a temporary institution, and its operation is planned for the next seven years,\u201d said Filima\u0303o Suaze, government spokesman, in statements to the media after a cabinet meeting in Mozambique.<\/p>\n

In total, this is $537 million (\u20ac494 million), $500 million of which from the US agency Millennium Challenge Corporation (MCC) and $37 million (\u20ac34 million) from state coffers.<\/p>\n

The US funding, called Compact II and signed on 20 September on Capitol Hill in Washington in the presence of the Mozambique\u2019s president, Filipe Nyusi, includes a new bridge on the Licungo River in Zambe\u0301zia and a ring road in that central coastal province, which has been hit by the cyclones that have affected Mozambique in recent years.<\/p>\n

READ: Former minister takes office as coordinator of the Millennium Challenge Corporation programme in Mozambique<\/b><\/p>\n

In December 2023, the Compact II Development Office in Mozambique, with US funding of $500 million, planned to launch the tender for constructing a new bridge over the Licungo River and a ring road in 2024.<\/p>\n

The project includes the construction of a new 1,800-metre-long bridge, some 5,000 metres downstream from the current crossing, as well as 16 kilometres of new access road to connect the bridge to the N1 National Road.<\/p>\n

The province of Zambe\u0301zia, Mozambique\u2019s second most populous, known for its tea plantations, mangroves and turquoise beaches, will be the focus of the new $500 million project by the US agency Millennium Challenge Corporation (MCC), The MCC is an external support agency funded by the US government that provides grants to developing countries. Last June, the board of directors announced the second funding compact since 2007, the Mozambique Coastal Connectivity and Resilience Pact.<\/p>\n

Overall, the MCC allocates $310.5 million (\u20ac290 million) to Rural Connectivity and Transport (CTR) projects, including the bridge over the Licungo River and the construction of the Mocuba bypass, a project valued at $201 million (\u20ac187.7 million).<\/p>\n

Almost $83.5 million (\u20ac78 million) is earmarked for the construction of rural roads and $11 million dollars (\u20ac10.3 million) for road maintenance, among others.<\/p>\n

The Reforms and Investment in Agricultural Projects (PRIA) component has been allocated $30 million dollars, half of which is for the Agricultural Investment Tax reform package and the other half for setting up the Zambe\u0301zia Province Commercial Aggregation Platform.<\/p>\n

The third structural component, worth $100 million (around \u20ac90 million), is aimed at Coastal Livelihood and Climate Resilience (CLCR) projects to strengthen productivity \u201cthrough sustainable increases in fish and shellfish harvesting and non-extractive activities\u201d, but also using \u201csustainable ecosystem benefits, such as carbon credits and coastal protection benefits\u201d.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Mozambique\u2019s government on Tuesday announced the creation of an institution to manage more than $537 million (\u20ac494 million), of which $500 million (\u20ac460 million) from the Millennium Challenge Corporation (MCC). \u201cThe Millennium Challenge Account (MCA) Mozambique is a temporary institution, and its operation is planned for the next seven years,\u201d said Filima\u0303o […]<\/p>\n","protected":false},"author":84,"featured_media":58241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-58243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nNew entity to manage $500M from Millennium Challenge Corporation - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s government on Tuesday announced the creation of an institution to manage more than $537 million (\u20ac494 milli ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New entity to manage $500M from Millennium Challenge Corporation\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s government on Tuesday announced the creation of an institution to manage more than $537 million (\u20ac494 milli ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-30T22:26:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-30T22:32:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711821659.39449.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"824\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"New entity to manage $500M from Millennium Challenge Corporation\",\"datePublished\":\"2024-03-30T22:26:22+00:00\",\"dateModified\":\"2024-03-30T22:32:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation\"},\"wordCount\":460,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711821659.39449.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/new-entity-to-manage-500m-from-millennium-challenge-corporation\",\"name\":\"New entity to manage $500M from Millennium Challenge Corporation - 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