After several financial institutions and commercial banks guaranteed 72% of the $20 billion needed to implement Mozambique's liquefied natural gas megaproject, commitments from the UK Export Credit Agency and the African Bank of import-export (Afreximbank), respectively of 1.5 billion dollars and 400 million dollars, mark a new step towards the objective.

There is strong interest from the international financial sector in Mozambique's giant liquefied natural gas project. In recent weeks, important commitments have been announced. First, that of UK Export Finance, the British export credit agency, which has undertaken to inject 1.15 billion pounds sterling (nearly 1.5 billion dollars) into the largest LNG never realized in Africa. Thursday, August 6, it was the turn of the African Export-Import Bank (Afreximbank) to inject 400 million dollars into the Mozambican LNG project. According to the bank, this investment is part of its strategy to promote intra-African trade as well as industrialization and export development. "We are convinced that the LNG project in Mozambique will create opportunities for the people of the country and will stimulate sustainable economic growth", said Benedict Oramah, President of Afreximbank in a press release, believing that "the success of projects such as this will set a precedent through which other development projects in Africa can obtain funding and gain international popularity”. Read also: Mozambique: booming, the tourism sector attracts large and small hotel groups As a reminder, this project, which is part of a national strategic plan in Mozambique, will notably allow the construction of the first onshore factory of LNG, the development of gas fields or the construction of two liquefaction infrastructures with a total capacity of 12.9 million tonnes per year. Closer to the financial target Last May, the French hydrocarbons giant Total, which leads the consortium in charge of Block 1 of the project, succeeded in raising 14.4 billion dollars in financing from at least eight export credit, commercial banks and multilateral financial institutions such as the African Development Bank (ADB), according to concurring sources. This sum, added to the 1.9 billion dollars provided by the United Kingdom and Afreximbank, brings the envelope of commitments to 16.3 billion dollars, out of the 20 billion dollars necessary for the full implementation of the project. This represents a further step towards the financial objective. In addition to the financial world, the entire ecosystem is mobilizing. Several negotiations have been completed or are underway, particularly for the export of gas extracted and liquefied locally. It will indeed be sent to Europe and Asia. Japanese, Koreans and Greeks, among others, are dealing with Total on this one. In Mozambique, however, the project, which arouses pride among the authorities, is however criticized by pro-environment NGOs for its polluting nature.