The African Development Bank Group has approved a USD400 million loan to support the construction of an LNG plant in Mozambique.
The Mozambique LNG Area 1 project is being led by Total alongside Mitsui, Oil India, ONGC Videsh, Bharat Petroleum, PTT Exploration, as well as Mozambique’s national oil and gas company ENH.
Financial close of the loan is expected within the first half of 2020.
Commenting on the approval, African Development Bank’s president, Akinwumi Adesina, said: “Through its participation, the African Development Bank again demonstrates its leading role in supporting Africa’s transformation. The catalytic effect brought about by the bank is strategically aimed to help transform Mozambique from [a] ‘developing’ to ‘developed’ nation.”