Making the most of limited local resources: in coastal Mozambique AKAM provides funding for small seaweed farms.Cabo Delgado suffers from a familiar paradox: a relatively rich resource base, but very low living standards. The civil war and more recent floods have contributed to this delay in development, but peace and stability in the region have already raised prospects considerably. The province, and the country, have considerable potential for development, particularly in tourism, agricultural production and sustainable use of natural resources. These assets suggest that the rich resource base - low living standards paradox can be addressed in the coming years.
AKDN has also made a number of investments to assist Mozambique’s economy gain momentum. The Aga Khan Fund for Economic Development (AKFED) has invested in the tourism infrastructure, first through purchase of the Polana hotel in Maputo. AKFED has made significant investments in the rehabilitation of the physical plant as well as the refurbishment of the historic hotel’s guest rooms and conference facilities. For more information, please see the Serena Hotels website.
AKFED is also co-financing the construction of a new undersea high-speed fibre optic cable that will link Southern and Eastern Africa with Mumbai in India and Marseille in France. The planned 13,700 km undersea fibre optic network is expected to provide high capacity bandwidth connectivity between South Africa, Madagascar, Mozambique, Rwanda, Tanzania, Kenya, India and Europe by June 2009. For more information, see the Seacom site.
The Aga Khan Agency for Microfinance (AKAM) works in concert with AKF’s activities in the same province. Its primary objective is to provide loans to microenterprises and small businesses for income generating activities such as small-scale agricultural, fishing, retail and industrial enterprises.
For more information, see Microfinance in Mozambique.
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