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Home Industries Energy
AFDB, African Development Bank to provide $400 million of $16 Billion in largest private investment in Africa

AfDB to provide $400 million of $16 billion in largest private investment in Africa

William UkpebyWilliam Ukpe
3 years ago
in Energy
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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.

READ ALSO: AfDB appoints Rabah Arezki as new vice president and chief economist 

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.

Mozambique geographical locations and the amount of proven natural gas reserves also serve as an advantage as it offers it access to Natural gas export to Asia.

Other partners in the project include Mozambique’s Empresa Nacional de Hidrocarbonetos, Mitsui & Co Ltd., ONGC Videsh Ltd., PTT Exploration and Production Pcl and Bharat Petroleum Corp.

READ MORE: WTO: Okonjo-Iweala invites volunteers, says she has no money for PR firm

Total expects Mozambique to earn up to $50 billion in Natural gas revenue for the next 25 years when the project is completed, added to the Rovuma LNG built by Exxon in the same location.

 


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Tags: African Development Bank (AfDB)Japan Bank for International CooperationTotal’s Mozambique liquefied natural gas
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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