Announcement of Mozambique Becomes 148th Member of the World Bank on September 24, 1984

. FOR IMMEDIATE RELEASE World Bank 1818 H Stree t, N.W ., Washington, D .C 20433 , U.S.A . BANK NEWS RELEASE Contact: Pamela Brennan September 24, 1984 (202) 477-3293 MOZAMBIQUE BECOMES 148TH MEMBER OF THE WORLD BANK Mozambique today signed the Articles of Agreement of The World Bank and became the institution's 148th member. The country at the same time joined the International Development Association (IDA), the World Bank's concessionary lending affiliate, and the International Finance Corporation (IFC) which makes loans to the private sector. Mozambique became independent on June 25, 1975. Its population is approximately 13.4 million, growing at an annual rate of 2.6 percent. Per capita gross domestic product is estimated at $230 a year . Located on Africa's southeastern coast opposite Madagascar, Mozambique has a land area of 787,000 square kilometers, about the size of Spain and Italy combined. It has 2,560 kilometers of coastline along the Indian Ocean. With one of the largest hydroelectric potentials in Africa, Mozambique is also known to have substantial mineral resources, and possible offshore oil and gas reserves •. -0-