{"id":62287,"date":"2024-06-06T20:58:22","date_gmt":"2024-06-06T20:58:22","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development"},"modified":"2024-06-06T22:07:00","modified_gmt":"2024-06-06T22:07:00","slug":"part-of-sovereign-fund-should-go-to-sustainable-development","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development","title":{"rendered":"Part of sovereign fund should go to sustainable development"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Foundation for Community Development (FDC), a Mozambican non-governmental organisation, suggested on Friday that \u2018part\u2019 of the Sovereign Fund\u2019s allocation to the State Budget should be used to finance projects that guarantee national sustainable development.<\/p>\n

\u2018In the context of the Mozambican Sovereign Fund, we can have a part of the 65% that goes to the State Budget to finance sustainable development actions,\u2019 said the FDC\u2019s advocacy director, Joaquim Oliveira, on the sidelines of a round table that brought together NGOs in Maputo.<\/p>\n

The government has concluded all the necessary instruments to make the Mozambican Sovereign Fund operational, which will be financed with revenues from gas exploration projects, the national director of Development Studies and Policies at the Ministry of Economy and Finance, Enilde Sarmento, told Lusa on April 2.<\/p>\n

Joaquim Oliveira emphasised that the money from the Sovereign Fund could be crucial for financing small and medium-sized business projects to guarantee sustainable development, which is fundamental for economic growth.<\/p>\n

\u2018We all know that our country has gone through several metamorphoses, we once had the solidarity bank, which lent resources for national issues, we once had the popular development bank, which financed projects, and today we don\u2019t have that,\u2019 he said.<\/p>\n

He said that \u2018this financing mechanism\u2019 should be geared towards projects that prioritise the development of human capital.<\/p>\n

\u2018We know that there are gaps that we need to fill, such as early childhood development, given that a large percentage of our population is under 18,\u2019 he emphasised.<\/p>\n

Joaquim Oliveira also suggested that the money from the Sovereign Fund should benefit projects that present solutions to \u2018extreme weather events\u2019, a problem that has plagued Mozambique in recent years.<\/p>\n

\u2018If we don\u2019t invest in food sovereignty and nutrition, we\u2019ll have serious problems too (…). Infrastructure is not enough. We need to invest in institutions,\u2019 he emphasised.<\/p>\n

Lusa reported this month that in the first quarter of the year, the state collected $94.2 million (\u20ac87.4 million) in revenues from oil and natural gas exploration, which it invested in the new Mozambique Sovereign Fund.<\/p>\n

According to data from the economic and social balance of the state budget from January to March, these revenues include $73.37 million (\u20ac68 million) from 2023, $20 million (\u20ac18.5 million) from the first quarter and $800,000 (\u20ac742,000) from 2022.<\/p>\n

Mozambique has three development projects approved to exploit the natural gas reserves of the Rovuma basin, classified as one of the largest in the world, off the coast of Cabo Delgado. Two of these projects are larger and involve channelling the gas from the seabed to land, cooling it in a plant to export it by sea in a liquid state.<\/p>\n

One is led by TotalEnergies (Area 1 consortium), and work progressed until it was suspended indefinitely after an armed attack on Palma in March 2021. The French energy company declared that it would only resume work when the area was safe.<\/p>\n

The other is the still unannounced investment led by ExxonMobil and Eni (Area 4 consortium).<\/p>\n

A third completed, smaller project also belongs to the Area 4 consortium and consists of a floating platform for capturing and processing gas for export directly at sea. It started in November 2022.<\/p>\n

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

Africa-Press – Mozambique. The Foundation for Community Development (FDC), a Mozambican non-governmental organisation, suggested on Friday that \u2018part\u2019 of the Sovereign Fund\u2019s allocation to the State Budget should be used to finance projects that guarantee national sustainable development. \u2018In the context of the Mozambican Sovereign Fund, we can have a part of the 65% that […]<\/p>\n","protected":false},"author":84,"featured_media":62286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-62287","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":"\nPart of sovereign fund should go to sustainable development - Mozambique<\/title>\n<meta name=\"description\" content=\"The Foundation for Community Development (FDC), a Mozambican non-governmental organisation, suggested on Friday that \u2018pa ...\" \/>\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\/part-of-sovereign-fund-should-go-to-sustainable-development\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Part of sovereign fund should go to sustainable development\" \/>\n<meta property=\"og:description\" content=\"The Foundation for Community Development (FDC), a Mozambican non-governmental organisation, suggested on Friday that \u2018pa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development\" \/>\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=\"2024-06-06T20:58:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-06T22:07:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/06\/sm_1717695116.718908.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\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\/part-of-sovereign-fund-should-go-to-sustainable-development#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Part of sovereign fund should go to sustainable development\",\"datePublished\":\"2024-06-06T20:58:22+00:00\",\"dateModified\":\"2024-06-06T22:07:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development\"},\"wordCount\":536,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/06\/sm_1717695116.718908.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\/part-of-sovereign-fund-should-go-to-sustainable-development#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/part-of-sovereign-fund-should-go-to-sustainable-development\",\"name\":\"Part of sovereign fund should go to sustainable development - 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