The World Bank has just announced funding of 150 million dollars for Mozambique to recover from the damage caused by Cyclone Freddy.

According to the statement issued by the financial institution, the amount is intended to support the rapid restoration of transport infrastructure, as well as the provision of education, health, energy, water supply and sanitation services, in addition to the resumption of agricultural activity.

"The financing responds to a request for support from the Ministry of Economy and Finance to address the emergency that has affected more than 1.1 million people and is granted under the World Bank's Emergency Response Contingency Component," the bank said in a statement.

The bank explained that, of the 150 million dollars, 100 million dollars are allocated in the form of grants and 50 million dollars as subsidized credit. The largest shares are 51 million dollars for transportation, 19 million dollars for agriculture and 26 million dollars for water supply and sanitation.

The World Bank statement also adds that these funds are drawn from the institution's existing projects in Mozambique and complement the additional grant of 300 million dollars approved in April.

"Both grants follow the bank's Global Post-Disaster Damage Estimate, which valued the cyclone's damage at 1.5 billion dollars," the document reads.