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AfDB To Grant $400 Million Of $16 Billion In Largest Private Investment In Africa

The African Development Bank (AfDB) will provide $400 million in loans for the largest private investment in Africa for the expansion of Mozambique melted natural gas project.

Brandnewsday gathers that the amount worth, close $16 billion in financing from major banks. as Africa’s largest multilateral bank, while Japan’s Japan Bank for International Cooperation will provide up to $3 billion in loans for the project.

AfDB project

Other financiers include Oil India Limited and USA’s Export-Import Bank.

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READ: AfDB approves $1.5 million emergency grant to curb Desert Locusts ravaging East and Horn of Africa

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.

READ: AfDB Offers Rwanda $1.1million Grant To Expand Meat Production

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.

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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.

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.

READ: African Development Bank Succumbs, As AfDB Orders Independent Probe Of Adesina

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Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

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