Afreximbank Commits US$400 M To Mozambique's LNG Project

(AllAfrica, Cairo, 6 August 2020) The African Export-Import Bank (Afreximbank) is supporting the advancement of Mozambique’s energy industry and economy by committing up to US$400 million in guarantees and direct lending to the Area 1 LNG Project. The Total Project is estimated to cost about US$24 billion and  is set to be the largest private foreign direct investment in Africa, and one of the largest LNG projects in the world. Last month's ECA Watch What's New highlighted the climate change implications of ECA involvement, now critics say donor countries and international organizations are propping up a corrupt government that's leaving millions of Mozambicans mired in poverty.