The largest private investment in Africa, Total’s Mozambique liquefied natural gas project nears $16 billion in financing from major banks. Africa’s largest multilateral bank, The African Development Bank (AfDB) will provide $400 million worth of loans, while Japan’s Japan Bank for International Cooperation will provide up to $3 billion in loans for the project.
Other financiers include Oil India Limited and USA’s Export-Import Bank.
The $23 billion project has seen interests from Banks to finance it despite the downturn in investment in the oil and gas sector due to the effects of the pandemic. The Natural gas industry is in an oversupply glut phase, despite bouncing oil demands and the OPEC agreement to reduce production cut from 9.6 million barrels a day to 7.7 million.