Mozambique’s economic week was marked by the Bank of Mozambique’s (BdM) decision to keep its benchmark interest rate at 9.25%, the signing of 24 agreements between China and Portuguese-speaking countries worth approximately US$150 million, and the country’s accession as a founding member of the new World Artificial Intelligence Cooperation Organization (WAICO). In the logistics sector, the Port of Maputo also became part of a new rail corridor for exporting lithium from Zimbabwe.
The Bank of Mozambique decided to maintain its benchmark monetary policy rate, known as the MIMO rate, at 9.25% for the third consecutive monetary policy meeting, while forecasting continued inflationary pressures in the short term.
The decision was announced on Wednesday (29) in Maputo by Central Bank Governor Rogério Zandamela during the press conference presenting the conclusions of the Monetary Policy Committee (CPMO) meeting.
“This decision is supported by the reduction in liquidity in the banking system in local currency, resulting from the increase in the reserve requirement ratio introduced last May,” the central bank said in a statement.
With this decision, the MIMO rate has remained unchanged since March. The central bank kept the benchmark rate at 9.25% during both the March and May meetings, after cutting it from 9.50% in January. The monetary authority justified its decision by citing lower liquidity in the banking system but warned that risks and uncertainties surrounding the inflation outlook remain elevated.
China–Lusophone Agreements Worth US$150 Million
In the area of investment and business cooperation, the 24 agreements signed in Maputo during the Business Meeting for Economic and Trade Cooperation between China and Portuguese-speaking Countries are valued at approximately US$150 million.
The figure was disclosed by the Government of the Macao Special Administrative Region after Mozambican authorities initially announced the agreements without providing a financial estimate.
According to the Macao Trade and Investment Promotion Institute (IPIM), the agreements cover sectors including infrastructure, trade, professional services, mining, electric mobility and academic cooperation.
In the industrial sector, the Municipality of Maputo signed a memorandum of understanding with Aulong Kattai Automobile Industry Co., Ltd. to develop new-energy commercial vehicles for the Mozambican market.
Another agreement focuses on the application of advanced technologies in mineral resource exploration, providing consultancy services for mining sector expansion through the use of drones, artificial intelligence, airborne geophysics and other technological solutions for mineral exploration and development.
Partnerships were also established in the legal, academic and business fields, involving the Macau World Trade Center Arbitration Centre, the Mozambique-China Chamber of Commerce, the Mozambique Chamber of Commerce, the Mozambican Bar Association and higher education institutions.
The central bank maintained the benchmark interest rate at 9.25% during its March and May meetings after lowering it from 9.50% in January.
Mozambique Becomes a Founding Member of the Global AI Organisation
In the technology sector, Mozambique became one of the 29 founding members of the World Artificial Intelligence Cooperation Organization (WAICO) after signing the organisation’s founding agreement on 16 July in Shanghai, China.
The new organisation aims to promote global cooperation in the development and responsible use of artificial intelligence through a human-centred approach focused on collective benefit.
Alongside Mozambique, the founding members include South Africa, Algeria, Brazil, China, Cuba, Ethiopia, Kenya, Russia, Senegal, Venezuela and Zambia.
Signatory countries committed themselves to strengthening international cooperation to ensure that artificial intelligence is developed in a safe, ethical, responsible and accessible manner.
The agreement also promotes an “open, fair, equitable and non-discriminatory” environment for AI development while seeking to reduce inequalities in access to emerging digital technologies.
WAICO will work to expand access to AI technologies and services while strengthening international cooperation to address the risks associated with the rapid advancement of artificial intelligence.
The agreement was signed ahead of the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global AI Governance, held in Shanghai between 17 and 20 July.
The events brought together political leaders, international organisations, experts and government officials from around the world to discuss the future of artificial intelligence and the mechanisms needed to ensure more inclusive global AI governance.
Port of Maputo Becomes New Export Route for Zimbabwean Lithium
In the transport and logistics sector, the Port of Maputo has been integrated into a new rail corridor for the export of lithium concentrate from Zimbabwe.
The new route connects the mining region of Gwanda, in southern Zimbabwe, to the Port of Maputo, expanding transport options for lithium, a critical mineral primarily used in battery manufacturing.
Zimbabwe’s state-owned National Railways of Zimbabwe (NRZ) announced that the initiative results from a partnership with private operators at a time when most of the country’s lithium continues to be transported by road—a more expensive option with significant logistical constraints.
NRZ has partnered with Beitbridge Bulawayo Railway, a subsidiary of South Africa’s Grindrod, and Zimbabwean company Silvergill.
The operation will initially transport 1,000 tonnes of lithium concentrate from the Gwanda mine, owned by China’s Tsingshan Holding Group, to the Port of Maputo.
The first leg of the journey covers approximately 180 kilometres between Gwanda and Beitbridge, on the Zimbabwe–South Africa border. From Beitbridge, the cargo will travel roughly 300 kilometres to the Chicualacuala border post in Mozambique’s Gaza Province.
From Chicualacuala, the mineral will be transported along the Limpopo Railway Line for approximately 522 kilometres to the Port of Maputo.
In total, the railway corridor between Gwanda and the Port of Maputo extends for nearly 1,000 kilometres.
Text: Felisberto Ruco
