The International Monetary Fund (IMF) has announced that a consortium led by TotalEnergies will probably resume activities at its liquefied natural gas (LNG) project in Cabo Delgado province, northern Mozambique, at the beginning of this year. According to a report by the entity, the resumption of the project could be crucial to prevent the country from having to restructure its Eurobonds worth 900 million dollars, whose payments will begin in 2028.
“Despite some improvements in security in the north, social conditions remain fragile,” warned the IMF. Around 10% of the population faces food insecurity, and humanitarian initiatives such as the World Food Program (WFP) face difficulties in obtaining funding. Stability in the region depends significantly on humanitarian assistance.
The project, led by the French company TotalEnergies in the Palma district of Cabo Delgado, is budgeted at 23 billion dollars, representing the largest foreign investment in Mozambique to date. However, it was halted in 2021 due to Islamic terrorist attacks in the city of Palma.
The resumption of this project is eagerly awaited, as its success will not only boost Mozambique’s economic development, but will also help strengthen security and stability in the region.
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