Standard Bank Mozambique finances investments of US$500 million in 2014

21 January 2015

Standard Bank Mozambique granted credit worth US$500 million for investment in various economic sectors over the past year, the bank said in a statement sent to Macauhub in Maputo.

The telecommunications, construction, agri-industry, manufacturing, mining and infrastructure sectors were the main areas for which the bank granted loans, according to its Director of Corporate and Investment Banking, André du Plessis, cited in the document.

Noting some of the biggest investment projects supported, Standard Bank Mozambique referenced the expansion of the Sena railway line in the centre of the country, currently the main vehicle used by mining companies operating in the Moatize district, Tete province, to export coal and with an annual cargo capacity of about six million tons, managed by the Mozambican port and railway company CFM.

The bank also co-financed with about US$32 million construction of Nacala International Airport, in Nampula province, which cost a total of around US$200 million, which opened in December and currently has a capacity to handle 500,000 passengers a year.

For the energy sector, the bank said it provided funding of US$170 million to support the construction of a thermal gas-fired power station, with an installed capacity of 118 megawatts in the town of Ressano Garcia, in the south of Mozambique, which is managed by Gigawatt Moçambique, SA

Standard Bank Moçambique also has mentioned completion of the Macroeconomic Study of Liquefied Natural Gas in Mozambique, which analyses the economic potential for hydrocarbon exploration in the Rovuma sedimentary basin in northern Mozambique, where reserves of about 200 trillion cubic feet of natural gas have been discovered, and which was based on data provided by US group Anadarko Petroleum, which operates the Area-1 concession. (macauhub/MZ)