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Southern Africa Taps $380 Million in World Bank Financing to Facilitate Regional Trade and Investment for more Inclusive Growth
WASHINGTON, April 27, 2021 – The World Bank today approved $380 million in financing from the International Development Association (IDA)* to support Malawi and Mozambique increase regional trade coordination, reduce trade costs and time, develop regional value chains, and improve access to infrastructure.
The new Southern Africa Trade and Connectivity Project (SATCP) will benefit both countries and local communities through investments that will facilitate trade, strengthen regional coordiation, and increase diversified economic opportunities along the Nacala and Beira corridors, connecting Mozambique to Malawi, and along the Maputo Corridor, connecting Mozambique to South Africa through Ponta Do Ouro. The north and central parts of Mozambique and central and southern Malawi, where poverty levels are the highest, and the region near Ponta do Ouro will benefit most. The project will ensure that youth and women are well represented among its beneficiaries.