Johannesburg – Mozambique’s state oil and fuel company Empresa Nacional de Hydrocarbonetos (ENH) tabled the biggest deal at the 2019 Africa Investment Forum, ENN reports. The ENH deal is a transformative project for Mozambique’s economy, valued at US$24.6 billion.
ENH’s project includes the development of the Golfinho and Atum fields and the nation’s first onshore liquefied natural gas plant. In his media briefing session during the forum, Mozambique’s Prime Minister Agostinho do Rosário said the project is an opportunity for Mozambique to create jobs and revive its economy. “The country is already courting global investors to raise US$1.3 billion to fund the company’s share in the Area 1 natural gas project, in which it holds a 15% stake”, ENH Chief Executive Officer Omar Mitha said.
African Development Bank President Adesina advised African governments to allow and promote private sector participation in infrastructure development as they cannot carry the infrastructure burden alone. Responding to assertions that Africa is in a debt crisis, Adesina refuted the claims. “First and foremost, Africa is not in debt crisis, we have several countries that have challenges in terms of equity ratios tipping at the levels that raise concern. Africa is not one country, Africa is not two countries; Africa is 54 countries. There is nothing to cause any alarm,” Adesina said.
The 2019 annual investors’ forum has become the continent’s premier investment marketplace. This year’s showcase attracted a total of 59 deals, indicating an increased appetite for investment deals in Africa.