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Russia and Mozambique agree big debt-for-development swap
"Russia's innovative move to convert debt into development funding will help feed a generation of schoolchildren in Mozambique," said WFP Executive Director David Beasley.
[...]
Diplomatic relations were formally established on 25 June 1975, soon after Mozambique gained independence from Portugal, and economic and defence relations developed further. This, however, began to change in 1984 when Mozambique joined the World Bank and the International Monetary Fund. Western aid by Sweden, Norway, Denmark and Iceland quickly replaced Soviet support.
[...]
Mozambique sits on vast gas reserves and with good governance could achieve a quantum leap in living standards of its population.

side-line dealing
Mozambique creditors: government not bound by loan guarantees JUNE 2017
"[T]here is no basis -- in either Mozambican or English law -- for the Mozambique government to honour the purported guarantees of the Proindicus and MAM loans."
SEC investigates banks that sold Mozambique's 'tuna bond': WSJ Dec 2016
"The U.S. Securities and Exchange Commission (SEC) is investigating the sale of $850 million in bonds issued by Mozambique by Credit Suisse (CSGN.S), Russia's VTB Group (VTBR.MM) and BNP Paribas (BNPP.PA)"

archived: WFP: African refugee camps 'no longer attract global awareness' 2014

Diversity is the key to economic and political evolution.

by Cat on Thu Nov 9th, 2017 at 11:17:33 PM EST
[ Parent ]
What is a debt-for-development swap?
by fjallstrom on Sat Nov 11th, 2017 at 02:58:35 PM EST
[ Parent ]
Mozambique owes Russia money.  Russia sells the debt to an NGO (in this case the UN's WFP) at a significant discount.  WFP sells the debt at an additional discount to Mozambique and uses the funds raised to pay for developments in Mozambique.  Russia unloads some bad paper, WFP gets to do what it was set up for, and Mozambique gets to get its books in a little better order and gains some infrastructure to boot.
by rifek on Sat Nov 11th, 2017 at 08:37:34 PM EST
[ Parent ]

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