AfDB to support Coral North FLNG project in Mozambique

The Coral North Floating Liquefied Natural Gas Project, which is a mega infrastructure being developed by Eni, and can be transformative for Mozambique's energy sector, will be backed by a US$150mn senior loan from the Board of Directors of the African Development Bank 

The development work, including construction and operation of a 3.55mn metric tonnes-strong LNG facility, follows that of the successful Coral South FLNG project, which has been operational since 2022.

Facilitated with the support of other development finance institutions, export credit agencies and commercial lenders, this investment by the AfDB can help the Coral North generate US$20bn worth in fiscal revenues, aiding a lifetime of energy and economic security for Mozambicans. 

To top that, it will be able to drive several gas-to-power projects, generate steady LNG production to meet diverse domestic use from ensuring clean cooking access and industrial development to gas export to the Southern African Development Community (SADC) region.

Located approximately 55 kms off the coast of Cabo Delgado province, the Coral North Floating Liquefied Natural Gas Project is a US$7bn plus investment by Italian major, Eni, in Mozambique. The major's interests in the region can push Mozambique to become an influential energy supplier in the global market at a time when the commodity is in high demand. Securing such a position will solidify the country's hold in SADC’s energy market.