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Afreximbank grants $400 mln loans to Mozambique LNG project

By on August 7, 2020 0 118 Views

African Export-Import Bank (Afreximbank) said it has committed $400 million in loans and guarantees to Mozambique’s $20 billion liquefied natural gas (LNG) project.
The African Development Bank (AfDB) had committed the same amount to the projects as part of its contributions to continental gas development projects.
“The … financing will be used to partially finance … activities required to extract natural gas offshore, its transfer to onshore processing facilities and then its conversion to LNG for export … around the world,” the Afreximbank statement said.
The Mozambique LNG Area 1 Project is ranked Africa’s single largest foreign direct investment to date. It will consist of two LNG trains with a total capacity of around 13 million tons per year.
French energy major Total, the operator, has secured a $14.9 billion senior debt agreement, the biggest project financing Africa has seen.

-With Reuters report

Foreign Exchange

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