The African Export-Import Bank (Afreximbank), a pan-African financial institution established in 1993 under the auspices of the African Development Bank (AfDB), is preparing a fund of around 4 billion dollars (252.8 billion meticais) to finance projects in Mozambique in the energy, oil, and gas sectors.
“At the level of Afreximbank, the commitment was made to finance around 3 to 4 billion dollars (189.6 to 252.8 billion meticais) for infrastructure projects, energy, oil, and gas. Afreximbank is a strategic partner for Mozambique, as it is for many other African countries, and we are committed to financing and developing projects that add value to Mozambique,” said Richman Dzene, Director of the Office of the Afreximbank President for Research and Policy.
Richman Dzene was speaking in Maputo after George Elombi, the new President of Afreximbank, met with the President of the Republic of Mozambique, Daniel Chapo. In addition to the energy, oil, and gas sectors, financing initiatives in tourism and minerals — including mineral processing — were also discussed, with the aim of diversifying the national economy. “The President showed openness to cooperating with Afreximbank. Mozambique is available to work with the bank in everything necessary. This is an African bank and deserves to be supported. Mozambique and Afreximbank will work together to finance and ensure that the country succeeds in some of its key structural projects,” added Richman Dzene.
The Mozambican Government stated that Afreximbank is a multilateral institution that plays a central role in supporting African trade and financing projects with significant economic impact. In 2024, the bank recorded a profit of 973.5 million dollars (61.5 billion meticais), a 29% increase compared to 2023, driven by contributions from its subsidiaries.
Mozambique currently has three approved megaprojects for the exploitation of LNG reserves in the Rovuma Basin — classified among the largest in the world — off the coast of Cabo Delgado. Among them are the TotalEnergies project (13 mtpa) and the ExxonMobil project (18 mtpa), the latter valued at 30 billion dollars (1.896 trillion meticais), awaiting a final investment decision.
Both projects are located on the Afungi peninsula, and ExxonMobil lifted the “force majeure” clause in November, a measure that temporarily suspends certain contractual obligations. Cooperation with Afreximbank aims to accelerate the implementation of these structural projects, strengthening Mozambique’s capacity to generate revenue and promote sustainable economic development.
Afreximbank’s involvement comes as Mozambique seeks to consolidate strategic projects and avoid past mistakes, such as those that led to the hidden debts scandal. The partnership with African financial institutions aims to ensure transparency, efficiency, and a positive impact on the country’s strategic sectors.
Source: Lusa
