The director of the Mpanda Nkuwa hydroelectric project, Carlos Yum, revealed that he had shared the project's progress with the World Bank (WB) and the International Monetary Fund (IMF) in order to seek funding.

Quoted by NewsYum said that the state's participation in the venture should be seen in the long term, with the prospect of other projects emerging.

In his opinion, the state should seek to implement as many projects of the same nature as Mphanda Nkuwa as possible. In the meantime, he sees the need to introduce regulatory reforms to attract more investment.

The statements were made on the sidelines of the Spring Meetings co-organized by the IMF and WB in the United States.

The Mphanda Nkuwa hydroelectric project is expected to generate 1,500 MW of electricity and will be located in Tete province, in which the state has a 30% stake. A 5.5 million dollar agreement was signed last year. Financial closing is expected to take place this year, ensuring that the work is completed by 2030.