IMF gives Mozambique $118 million for Cyclone Idai rebuildingChristian Fernsby ▼ |
Africa The World Bank estimates the affected countries will need over $2 billion
The International Monetary Fund will grant Mozambique a $118.2 million credit facility to help it rebuild infrastructure after a devastating Cyclone Idai.
The heavy flooding caused by torrential rain and winds that pounded villages and cities, especially in the Mozambique port town of Beira, has left the improvised southern African nation desperate for cash to kick-start its recovery plan.
The World Bank estimates the affected countries will need over $2 billion to recover.
Mozambique’s $337 million humanitarian response plan, largely made up of an appeal for $281 million after the cyclone hit, covers only 23 percent of the funds needed. ■
What to read next