A memorandum between Mozambique and the United States of America has been signed. The purpose of this understanding is to promote trade and break down investment obstacles between the two countries. Some of the featured areas of focus of the memorandum include tourism, fisheries, agriculture, energy and infrastructure. Mozambique is just the fourth country in Africa that has signed a trade agreement like this with the US. This memorandum will be a great opportunity for investments for both the US and Mozambique
Earlier this year, Mozambique was unfortunately hit with more than one devastating cyclone, leaving the country in need of serious and urgent reconstruction. To aid in the beginnings of reconstructing the areas of Mozambique that have been affected by these cyclones, $1.2 billion has been pledged with the help of their development partners. One major development partner of Mozambique is the African Development Bank, who provided the country with $50 million alone to kick-start the reconstruction efforts. The bank has since stated that it hopes to maintain a long-term relationship with Mozambique and provide them with the knowledge they need to successfully recover.
According to recent news, Mozambique has announced new plans to make a $200 million investment toward rebuilding a railway that connects itself to Zimbabwe. Although the plan is in its early stages, Mozambique hopes that the rebuilding of this railway can improve the transportation of goods to Zimbabwe and other countries. Additionally, Mozambique is hoping to update their railways throughout the entire country within the next three years.