The country is preparing to reap as much as $96bn — more than six times the size of its current GDP — from liquefied natural gas projects that companies including Total are building. The developments, which are the biggest private investments yet in Africa, could make Mozambique the continent’s second-biggest producer of the fuel. The central bank laid out plans for how the fund may function and which institutions it will report to. The proposal anticipates that the $96bn will accumulate over the lifetime of the projects. The fund will build up savings and contribute to fiscal stability when commodity prices fluctuate, according to the document published on the Bank of Mozambique’s website on Monday. Legislators would regulate the fund with the ministry of economy and finance managing it. The central bank will manage the fund’s operations and implement its investment policy.
SOURCE: BUSINESS DAY LIVE
More Stories
Earliest Known Burial Site in Africa
The Best Camping in the Overberg, Cederberg and Garden Route
This is Not Your Run-of-the-mill African Tour
Regions in Africa that Will Spark your Wine-derlust
What the First Female Safari Guide in Kenya’s Maasai Mara Does in Her Downtime
Afrocharts – A New Way to Listen to African Music
This Chef is Spotlighting Veganism’s Roots in African Cuisine
South Africa’s Black Female Architects Build on Social Justice
Inspiring Spaces
The Africa Soft Power Project Virtual Summit
New Trade Restrictions Ruffle Cameroonian Farmers
The Green Gold Sweeping Sub-Saharan Africa