Photo: Presidency of the Republic of Mozambique

The African Export-Import Bank (Afreximbank) is preparing a fund of around four billion dollars (€3.5 billion) to finance projects in Mozambique in the energy, oil, and gas sectors.

“At Afreximbank, there was a commitment to finance around three to four billion dollars in infrastructure projects in the energy, oil, and gas sectors. Afreximbank is a strategic partner for Mozambique as well as for many other African countries, and we are committed to financing and developing projects that add value to Mozambique,” said today Richman Dzene, director of the president’s office at Afreximbank for research and policy.

The official spoke in Maputo, after the new president of Afreximbank, George Elombi, met with the Mozambican Head of State, Daniel Chapo. Besides the energy, oil, and gas sectors, financing initiatives in tourism and minerals, including their processing, were also discussed.

“The President showed openness to cooperate with Afreximbank. Mozambique is open to working with the bank on whatever is necessary. This is an African bank and deserves to be supported (…) Mozambique and Afreximbank will be working together to finance and ensure that Mozambique succeeds in some of the key projects,” said Richman Dzene.

The statement from the Mozambican Presidency also notes that Afreximbank is a multilateral financial institution created in 1993 under the auspices of the African Development Bank (AfDB), playing a central role in supporting African trade and financing projects with significant economic impact.

The bank is a pan-African financial institution owned by countries in the region, with the aim of financing and promoting trade within Africa, as well as the exports of African countries.

Afreximbank made a profit of $973.5 million (€854 million) in 2024, up 29% compared to 2023, supported by “significant contributions” from its subsidiaries, according to the institution.

Mozambique has three approved megaprojects for the development of LNG reserves in the Rovuma Basin, ranked among the largest in the world, off the coast of Cabo Delgado. These include the TotalEnergies project (13 mtpa) and another from ExxonMobil (18 mtpa), worth $30 billion (€25.8 billion), which is awaiting a final investment decision. However, its “force majeure” was also lifted in November. Both are located on the Afungi peninsula.

Source: Lusa