The African Development Bank has announced the approval of a long-term senior loan of $400 million towards an integrated liquefied natural gas plant in Mozambique, 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, is made up of a team of energy developers and operators, led by Total, alongside Mitsui, Oil India and the country’s national oil and gas company, ENH amongst others.
AfDB President, Akinwunmi Adesina says: “Through its participation, the African Development Bank again demonstrates its leading role in supporting Africa’s transformation”.
Through this approval, the Bank carries a mandate to ensure the project’s adherence to international transparency standards and full compliance with environmental and social requirements, in line with its Integrated Safeguards System.
The LNG liquefaction plant will boast a production capacity of 12.88 MTPA and is the first of several LNG trains expected to undergo development in the northern part of the country.
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