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Japan Inc. to Invest $14b in LNG Development in Mozambique

Source: www.gulfoilandgas.com 7/3/2020, Location: Africa

The Japanese government and business sector will join hands on a joint financing deal totaling 1.5 trillion yen ($14.4 billion) for the development of liquefied natural gas in the African country of Mozambique. Under the deal, a syndicate of lenders including the Japan Bank for International Cooperation and the nation’s top-three private sector banks will provide the loans, while Nippon Export and Investment Insurance will handle default risk. The consortium believes that the deal presents an opportunity to secure stable production of LNG over the long term and diversify sources for Japan’s LNG supply.

The arrangement calls for JBIC to lend $3 billion, while the remaining amount will be shared among the African Development Bank and Japanese private-sector banks, including MUFG Bank, Mizuho Bank, Sumitomo Mitsui Banking and Sumitomo Mitsui Trust Bank. Loans provided by the private banks will be insured by NEXI, a Japanese government-affiliated insurer.

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