Latest news with #DanielChapo
Zawya
19-05-2025
- Business
- Zawya
Statement by International Monetary Fund (IMF) Deputy Managing Director Bo Li at the Conclusion of a Visit to Mozambique
Mr. Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Mozambique at the end of his visit from May 15-17, 2025: 'I am pleased to be in Mozambique for my first visit as IMF Deputy Managing Director. I would like to thank President Daniel Chapo, Finance Minister Carla Loveira, and Central Bank Governor Rogerio Zandamela, as well as other senior officials, for their hospitality and constructive discussions. We discussed opportunities to strengthen our continued partnership through regular policy dialogue and technical assistance. The IMF remains a close partner in supporting the country's efforts to lift the living standards of the Mozambican people. 'During my visit, I also met with the Committee of Central Bank Governors of the Southern African Development Community (SADC) to advance efforts to improve cross-border payments within the regional bloc. Member countries remain committed to this joint objective and are making good progress. We also discussed opportunities to further strengthen ongoing technical assistance provided jointly by the IMF and the World Bank on cross-border payments. We look forward to continuing the tight and productive collaboration.' Distributed by APO Group on behalf of International Monetary Fund (IMF).
The Star
15-05-2025
- Business
- The Star
Mozambique launches agricultural marketing campaign for food security, self-reliance
MAPUTO, May 15 (Xinhua) -- Mozambican President Daniel Chapo launched the 2025 Agricultural Marketing Campaign on Thursday in Sussundenga District of Manica Province, aiming to boost food security and the country's economic independence. "Mozambique is laying the foundation for its economic independence, where economic diversification is key to reducing our dependence on volatile markets," Chapo said at the launch ceremony. The campaign targets a production increase of over one million tons and a five percent rise in agricultural commercialization, under the slogan "Agricultural Marketing as a Driver of Local Economy and Industrialization." The government has approved an Economic Recovery Fund worth over 319 million Mozambican meticais (around 5 million U.S. dollars) to assist small and medium-sized enterprises. It is also developing a new commercial regulation and an integrated marketing plan to address value chain bottlenecks. Despite challenges including cyclones and a 4.9 percent drop in GDP, Chapo praised farmers for their resilience. "If not for the resilience of the Mozambican people, the 4.9 percent negative growth in our GDP would have been even worse," he said. The president also urged youth to engage in the sector. "Use digital platforms, form cooperatives, and bring forward value-added proposals," he added.
Yahoo
15-05-2025
- Business
- Yahoo
Mozambique Investment In Oil And Gas To Fuel Economic Growth
Several projects are underway to position Mozambique as a leading force in Africa's oil and gas industry. Key initiatives include a partnership between Mozambique's state-owned Petromac and Nigeria's Aiteo to build Mozambique's first oil refinery, Business Insider Africa reports. Additionally, the Mozambique-Zambia joint gas pipeline project is underway, with a goal to boost regional energy security and strengthen economic ties. 'This project, to be implemented over a maximum period of 24 months, will increase storage capacity by 160,000 metric tonnes for liquid fuels and 24,000 metric tonnes for Liquefied Petroleum Gas,' Mozambique President Daniel Chapo said of the Petromac deal, emphasizing the project's potential to reduce petroleum imports, generate employment, and boost the country's GDP. The initiative seeks to emulate Nigerian billionaire Aliko Dangote by developing Mozambique's first-ever oil refinery in the southeastern African nation. 'The refinery will produce gasoline, diesel, naphtha, and Jet A1 with the ambition of conquering the regional market,' Chapo added. Construction of the oil refinery is set to be completed by 2027, with local officials relying on the development to meet domestic gasoline demand while also enabling exports to neighboring countries, positioning Mozambique as a key energy hub in southern Africa. Mozambique currently relies on imports for most of its refined oil products, with India being the largest supplier, followed by Saudi Arabia, Bahrain, Malaysia, and the UAE. However, with the ongoing development projects, the country aims to join the ranks of major oil producers like Nigeria, Angola, Algeria, Libya, and Egypt, all of which produce hundreds of thousands of barrels per day. Other initiatives include a major boost from the U.S. Export-Import Bank, which in March 2025 approved a nearly $5 billion loan to revive a long-delayed LNG project in Mozambique. Led by French energy giant TotalEnergies, the project marks a pivotal step in restarting development. Mozambique's Energy Minister Estevão Pale highlighted its significance for both global energy security and the nation's economic growth. Gas production is expected to begin in 2029. RELATED CONTENT: Maïmouna Tirera Is The Only Black Woman Eyeglass Designer in France Sign in to access your portfolio
Business Insider
13-05-2025
- Business
- Business Insider
Another African country is making an aggressive push to become a major oil player
Mozambique in recent years has been making large investments in its oil sector, with the goal of transforming its energy environment and boosting economic growth. Mozambique is strategically investing in its oil and gas sector to drive economic growth and enhance energy independence. Petromoc has partnered with Nigeria's Aiteo to establish Mozambique's first oil refinery, aiming to reduce imports and boost production. A Mozambique-Zambia joint gas pipeline project aims to enhance regional energy security and promote economic cooperation. Strategic infrastructure initiatives, international alliances, and regulatory reforms are helping to establish the country as a vital energy center in southern Africa. Partnerships with other oil-producing African countries As recently reported, Mozambique's state-owned company, Petromoc, following in the footsteps of Aliko Dangote, has decided to establish an oil refinery. This would make it the country's first oil refinery. To this effect, Petromac signed a memorandum of understanding with Nigeria's Aiteo. 'This project, to be implemented over a maximum period of 24 months, will increase storage capacity by 160,000 metric tonnes for liquid fuels and 24,000 metric tonnes for Liquefied Petroleum Gas,' the President of Mozambique, Daniel Chapo. The president also emphasized the project's potential for lowering petroleum imports, creating jobs, and increasing the country's GDP. 'The refinery will produce gasoline, diesel, naphtha, and Jet A1 with the ambition of conquering the regional market,' he added. The refinery intends to fulfill domestic gasoline demand while also facilitating exports to neighboring nations, and construction is expected to be finished within two years. Similar to Nigeria prior to its present refining capability, Mozambique is said to import the most refined oil products, with India being the main provider, followed by Saudi Arabia, Bahrain, Malaysia, and the United Arab Emirates, as seen in the Punch. Additionally, Mozambique and Zambia have agreed to build a $1.5 billion gas pipeline. This pipeline will carry 3.5 million tons of petroleum products from Mozambique's port city of Beira to Ndola, Zambia. The project involves the building of storage facilities in both nations and is projected to be completed within four years. This effort seeks to increase energy security and promote economic cooperation between the two countries. Other energy initiatives The board of the United States Export-Import Bank in March, 2025, authorized a roughly $5 billion loan for a long-stalled LNG project in Mozambique, a significant step toward resuming development headed by French oil giant TotalEnergies. TotalEnergies initially projected that the Mozambique LNG project will be operational by 2029. However, earlier this year, the corporation announced that this schedule is no longer realistic. In September, reports showed that the Bank was considering financing a liquefied natural gas (LNG) project led by Eni SpA off Mozambique's coast. This was coming years after backing an onshore LNG facility that has faced delays due to security concerns and opposition from environmental groups. Estevão Pale, Mozambique's Energy Minister, stressed the project's importance for global energy security and the country's economic development. TotalEnergies' CEO, Patrick Pouyanné, reiterated the company's commitment to restarting the project, which is slated to start producing gas in 2029. Africa's oil-producing capacity Africa has a varied spectrum of oil-producing countries, including Nigeria, Angola, Algeria, Libya, and Egypt are the largest producers, with each producing hundreds of thousands of barrels per day. Other major producers, according to OPEC and the United States Energy Information Administration (EIA), are the Republic of the Congo, Gabon, Equatorial Guinea, South Sudan, Ghana, Cameroon, Chad, and Tunisia. Very recently, Rwanda dropped its name in the hat after officially announcing its first oil discovery, identifying 13 reservoirs within Lake Kivu, a natural border with the Democratic Republic of Congo. Lake Kivu Currently, Rwanda imports all its petroleum product requirements due to the absence of local production. However, with this recent discovery, the country is poised to join the ranks of Africa's oil-producing nations, alongside major players like Algeria, Nigeria, and Egypt.
The Hill
15-04-2025
- Politics
- The Hill
Mozambique carried out a brutal crackdown on post-election protests, Amnesty says
CAPE TOWN, South Africa (AP) — Mozambique's security forces carried out a brutal, three-month crackdown on protesters after the country's election last year, a leading international rights group said Wednesday, citing local activists who alleged that more than 300 people were killed and more than 3,000 were injured in the unrest. In its new report, Amnesty International called on Mozambican authorities to investigate the killings and all rights violations in the wake of the election, and to bring law enforcement officials responsible to justice. Thousands of Mozambicans took part in waves of protests in the weeks after the Oct. 9 presidential and parliamentary election, where Daniel Chapo of the ruling Frelimo party was declared the winner amid allegations of rigging and election fraud raised by his challengers and international observers. The protests were in support of Venancio Mondlane, who ran as an independent candidate but was supported by the opposition Podemos party. The demonstrations intensified after the Oct. 18 killing of Mondlane's lawyer and a Podemos official, who were fatally shot by gunmen late at night while sitting in a car in Mozambique's capital, Maputo. Mondlane denounced the slayings as a political assassination and called for 25 days of protests — one day for each of the 25 bullets that were fired at the car. Mondlane, citing fears for his own safety, left the country for two months but returned in January. According to Amnesty's report, between Oct. 21 and Jan. 25, the Mozambique police and army used deadly force against largely peaceful marches and gatherings, shooting live ammunition, rubber bullets and tear gas canisters at protesters and bystanders. Amnesty cited the Mozambican civil society group Plataforma DECIDE, which said 315 people died in the protests between Oct. 21 and Jan. 16 — a toll that far exceeded numbers that authorities have acknowledged. Police said in January that 96 people were killed in the protests during the three-month time period, including 17 officers. 'Police unlawfully used firearms and less lethal weapons, killing and injuring protesters and bystanders,' Amnesty said. 'The army also used force and less lethal weapons recklessly and unlawfully.' Amnesty said its report was based on interviews with 28 people, including eyewitnesses, victims, victims' relatives, doctors and lawyers. Other rights groups have reported that at least 10 children were among those killed in the protests. Police carried out mass arrests of protesters and bystanders, including teenagers, Amnesty said. Plataforma DECIDE said more than 4,000 people were arrested, most of them arbitrarily. Amnesty also said it has evidence suggesting that Mozambican internet providers restricted access to social media platforms such as Facebook and Instagram and the messaging service WhatsApp 'at key moments during the protests.' In January, Chapo was sworn in as president. He and Mondlane met in March in an attempt at mediation, with the president promising to investigate protest deaths. The Frelimo party has ruled Mozambique since independence from colonial ruler Portugal in 1975 and has often been accused of rigging elections by putting officials loyal to it in charge of electoral processes. A report by election observers from the European Union said last year's vote was marred by deliberate invalidation of opposition votes and alteration of polling results, as well as ballot box stuffing in favor of Frelimo. Mozambican politics have been largely framed by a 15-year civil war between Frelimo and rebel group Renamo, which ended in 1992, with the rebel group later becoming an opposition party. The protests in support of Mondlane, previously a member of the Renamo party, were the largest threat to Frelimo's rule. Protests died down after the crackdown but violence still persists. Mondlane this week visited the port city of Quelimane, where gunmen on Sunday shot one of his main campaign organizers, Joel Amaral. He was shot three times, including once in the head, but survived and remains in an intensive care unit in the hospital.
