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Mozambique Sells USD 500 Million Bonds For Its Own Tuna Fleet Mozambique, September 9, 13

Mozambique’s state agency has issued USD 500 million in bonds to buy its own tuna fleet. Investors have a rare opportunity to become involved in one of Africa’s fastest growing economies.

Maputo, Mozambique

The finances are planned to fund the purchase of fishing infrastructure, which will comprise of 27 vessels, an operating center and to provide relevant training. The bonds are sold with a yield of 8.5 percent.

The state agency said that the main purpose is the fishery activity of tuna and other fish resources. It is thought to be a way to gauge how much interest there is out there for Mozambique investment.

This announcement follows reports from earlier this year in which the Mozambique government demanded all tuna caught in its domestic waters to be landed in local ports. It was expected that of the USD 60 million earned from Mozambique tuna, only USD 1 million remained in the country.

Illegal fishing for tuna has posed a problem for Mozambique for many years. Continued efforts have been put into protecting its Exclusive Economic Zone (EEZ) to stop the activities of foreign boats entering the bays of Maputo and Sofala.

In recent years the country has been implementing measures to achieve improved earnings from tuna fishing in local waters. The production of its own fleet, they hope, will help them to achieve this.

The Mozambique economy is projected to grow at seven percent this year. Foreign Direct Investment (FDI) in the country doubled to USD 5.2 billion in 2012.

Authorities believe that the Indian Ocean tuna fishery can produce up to one million tons of tuna. Currently approximately 800,000 tons are exploited.