African Development Bank agrees $400 million loan for Mozambique LNG
The African Development Bank (AfDB) said that it has joined a global syndicate of banks and other financial institutions to provide financing for Mozambique’s $20 billion LNG project.
The regional development bank said it has concluded its bid to co-finance the project with a senior loan of $400 million.
The Mozambique LNG Area 1 Project, estimated to cost more than $20 billion, is ranked Africa’s single largest foreign direct investment to date. The project will consist of two LNG trains with a total capacity of around 13 million tons per year.
French energy major Total, the operator of the giant Mozambique LNG project, said on Friday it had signed a $14.9 billion senior debt agreement for the project, the biggest project financing ever in Africa.
Writing by Bate Felix; Editing by Alex Richardson
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