AfDB grants loan to Area 1 Mozambique LNG project

The African Development Bank Group has approved a long-term Senior Loan of US$400 million to support the building of an integrated Liquefied Natural Gas (LNG) plant, including a liquifaction facility in Mozambique.

The Mozambique LNG Area 1 Project comprises a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as Mozambique’s national oil and gas company ENH.

By its approval, the African Development Bank joins a global syndicate of commercial banks, development finance institutions, and export credit agencies, to jointly provide the requisite senior debt financing for the project. Financial close is expected within the first half of 2020.