In a bid to secure its liquefied natural gas (LNG) supply, the Japanese government will invest $14.4 billion in the production of LNG in Mozambique.
Funds will be directed toward the exploration of a natural gas field located in the country, with the aim of producing roughly 12 million tons of LNG from 2024.
Funding will be derived from the Japan Bank for International Cooperation, the African Development Bank and four major Japanese private banks – MUFG Bank, Mizuho Bank, Sumitomo Mitsui Banking and Sumitomo Mitsui Trust Bank.
As a result of the investment, Mozambique will serve as one of the largest recipients of FDI on the continent. Meanwhile, Japan represents the largest global LNG importer.
