The International Development Association (IDA)-financed Mineral Resources Management Capacity Building Project was launched in 2001 to improve the institutional capacities in Mozambique's mining sector. It aimed to reform the regulatory framework, encourage the expansion of private investment in mining, and alleviate poverty in areas where small-scale mining prevailed. This project helped develop a successful, formal mining sector. A new mining code was implemented, resulting in the 2002 Mining Law. As a result, the average annual investment in the mining sector increased by 2007, from $10 million in 2001 to $90 million annually from 2002-2006. As a result of this investment, mineral exports increased, from approximately $6 million in average annual mineral exports from 2002-2006, to the promise of more than $1 billion annually with Vale's Moatize coal mine, operating since 2011