Mozambique features strongly at 2019 Africa Investment Forum with $24.6 billion project, the largest deal

Login

Register

http://www.clubofmozambique.com/

Mozambique features strongly at 2019 Africa Investment Forum with $24.6 billion project, the largest deal

10:33 CAT | 14 Nov 2019

For African Development Bank President Akinwumi Adesina, African governments must not carry the burden of infrastructure alone; they must allow private sectors to lessen the load. [Image: AfDB]

Empresa Nacional de Hidrocarbonetos, the renowned state oil and fuel company in Mozambique tabled USD 24.6 billion transformative project for the country’s economy, the largest deal to feature at the 2019 Africa Investment Forum.

The project includes the development of the Golfinho and Atum fields and the nation’s first onshore liquefied natural gas plant.

The Mozambique’s Prime Minister Agostinho do Rosário made the announcement at a media briefing session during the Forum, the continent’s premier investment marketplace, organised by the African Development Bank and its partners.

The project is an opportunity to create jobs and will revive the Mozambican economy, Agostinho do Rosário told journalists.

State oil company Empresa Nacional de Hidrocarbonetos Chief Executive Officer Omar Mitha says the country is already courting global investors to raise USD 1.3 billion to fund the company’s share in the Area 1 natural gas project, in which it holds a 15 percent stake.

For African Development Bank President Akinwumi Adesina, African governments must not carry the burden of infrastructure alone; they must allow private sectors to lessen the load.

Last year’s inaugural Africa Investment Forum secured investment interest worth USD 38.7 billion of dollars in just three days. For this year’s edition, the Bank and its partners are aiming to cap that figure.

“First and foremost, Africa is not in debt crisis, we have several countries that have challenges in terms of equity ratios tipping at the levels that raise concern. Africa is not one country, Africa is not two countries, Africa is 54 countries…There’s nothing to cause any alarm,” Adesina said in closing and addressing a question debt.

Source: Devidiscourse / AfDB