AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.25 Increased By ▲ 0.21 (0.17%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.57 Increased By ▲ 0.02 (0.23%)
DFML 41.75 Increased By ▲ 0.31 (0.75%)
DGKC 87.50 Increased By ▲ 0.65 (0.75%)
FCCL 32.40 Increased By ▲ 0.12 (0.37%)
FFBL 64.99 Increased By ▲ 0.19 (0.29%)
FFL 10.30 Increased By ▲ 0.05 (0.49%)
HUBC 109.51 Decreased By ▼ -0.06 (-0.05%)
HUMNL 14.75 Increased By ▲ 0.07 (0.48%)
KEL 5.08 Increased By ▲ 0.03 (0.59%)
KOSM 7.56 Increased By ▲ 0.10 (1.34%)
MLCF 41.50 Increased By ▲ 0.12 (0.29%)
NBP 59.50 Decreased By ▼ -0.91 (-1.51%)
OGDC 192.35 Increased By ▲ 2.25 (1.18%)
PAEL 28.11 Increased By ▲ 0.28 (1.01%)
PIBTL 7.84 Increased By ▲ 0.01 (0.13%)
PPL 151.21 Increased By ▲ 1.15 (0.77%)
PRL 26.49 Decreased By ▼ -0.39 (-1.45%)
PTC 16.15 Increased By ▲ 0.08 (0.5%)
SEARL 83.48 Decreased By ▼ -2.52 (-2.93%)
TELE 7.77 Increased By ▲ 0.06 (0.78%)
TOMCL 35.42 Increased By ▲ 0.01 (0.03%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.05 Decreased By ▼ -0.36 (-2.19%)
TRG 53.15 Decreased By ▼ -0.14 (-0.26%)
UNITY 26.67 Increased By ▲ 0.51 (1.95%)
WTL 1.27 Increased By ▲ 0.01 (0.79%)
BR100 9,985 Increased By 101.4 (1.03%)
BR30 31,147 Increased By 547.3 (1.79%)
KSE100 94,178 Increased By 822.4 (0.88%)
KSE30 29,173 Increased By 242.5 (0.84%)

imageMAPUTO: Oil-rich Angola is ready to write off half of Mozambique's public debt which dates back decades, an official said on Friday.

The decision, which covers half of the total of about $60 million (45 million) owed, follows a meeting between the two countries this week.

The remaining $30 million will be "transformed into capital for Angolan investment in Mozambique," the Mozambican official said, asking not to be named because he is not authorised to speak to the press.

The debt dates back to the 1970s and 1980s and was largely incurred by Mozambique importing oil from Angola.

Angola had in 2007 agreed to write off $30 million of Mozambique's debt, but the deal was never implemented.

"The main idea is to implement economic relations so that they reach the same level as political relations which are excellent," the official added.

The two countries have been close since gaining independence from Portugal in the mid-1970s.

Both were ravaged by long civil wars after independence and both are in the process of reconstructing their infrastructure and economies.

However, while Angola is one of Africa's main oil exporters, Mozambique has yet to begin exploiting vast energy reserves of its own.

The areas mooted for Angolan investment in Mozambique include energy, transport and communications.

Comments

Comments are closed.