By Daniel Itai.
Maputo, Mozambique. (News of The South) – The African Development Bank (AfDB) said on Tuesday it had approved a long-term senior loan of US$400 million to support the building of an integrated liquefied natural gas plant, including a liquefaction facility in Mozambique, which is expected to become one of the world’s largest LNG exporters.
The Mozambique LNG Area 1 project, ranked Africa’s single largest foreign direct investment to date, consists of a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as the country’s national oil and gas company ENH.
AfDB president, Akinwumi Adesina said he hoped the investment would help Mozambique leap from a developing to a developed nation.
“The catalytic effect brought about by the bank is strategically aimed to help transform Mozambique from developing to a developed nation.
Working closely with the government of Mozambique, we can ensure that the local population reaps the benefits from its nascent natural gas value-chain, thus creating growth opportunities and widespread industrialization, while at the same time accelerating regional integration across southern Africa,” said Adesina.
The LNG liquefaction plant will have a production capacity of 12.88 metric tonnes per annum.
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