October 29 –U.S. Embassy Maputo and N’weti are proud to announce the launch of a joint program to support Mozambique’s effort to develop a Sovereign Wealth Fund (SWF). Funded through a $300,000 grant from the U.S. Department of State’s Fiscal Transparency Innovation Fund, the N’weti-led program aims to support a national dialogue surrounding the Banco de Moçambique’s October 12 SWF proposal. The Central Bank’s plan calls for the creation of a SWF to manage the government’s projected $96 billion revenue from the Rovuma Basin liquefied natural gas (LNG) projects as well as other extractive industries. Through this national dialogue, N’weti, the Coligação Cívica sobre Indústria Extractiva (CCIE), and the U.S. Embassy hope to ensure all Mozambicans understand role a SWF could play in managing their resources and have a say in how the SWF is structured.
The Banco de Moçambique’s proposal to develop a SWF marks a significant step toward the sustainable and inclusive management of Mozambique’s natural resource revenue for the benefit of all Mozambicans. U.S. Ambassador Dennis W. Hearne said, “The SWF proposal by the Central Bank is a critical first step toward protecting Mozambique from the boom and bust cycle of natural resources and laying the foundation for a profound economic transformation that benefits all Mozambicans.”
N’weti, in consortium with Coligação Cívica sobre Indústria Extractiva (CCIE), and partners Centro Terra Viva (CTV), Conselho Cristão de Moçambique (CCM), SEKELEKANI, and KUWUKA JDA plan to launch SWF consultations via town hall discussions in all eleven provinces. The first roundtable discussion will be held in November in Maputo. The N’weti consortium is also working to assemble a multi-stakeholder coalition to ensure all Mozambicans have a say in how their resources are managed.
The N’weti and CCIE consortium will have three main activities:
- They will contribute to greater knowledge and participation by all actors in society throughout the country in establishing a SWF to transparently manage revenues generated by the extractive sector.
- They will advocate for civil society participation in SWF development and management discussions.
- The group will also support Parliament as they engage with the Government and other relevant actors in the process of developing the SWF and creating a transparent oversight and mechanism for its supervision.
N’weti Executive Director Denise Namburete said, “This is a very important moment for Mozambique and we want all stakeholders to be involved in something that will improve the economic and social conditions of the country in the long term. A SWF opens the door to more inclusive, equitable, and brighter future for all Mozambicans. We are committed to this consortium and look forward to working with all the relevant actors from the government, civil society, and donors to build a consensual, tailor-made SWF for Mozambique.”
N’weti, CCIE, and their coalition partners would welcome additional contributions and invite all stakeholders to reach out for more information on their support to the SWF development process via the contact information below.
For more information about this press release, please contact the U.S. Embassy Maputo Press Office at MaputoPress@state.gov. For additional information regarding the N’weti-led SWF consultation process, please contact Fátima Mimbire at f.mimbire@nweti.org.mz.
