BEIJING, China, February 14, 2025/APO Group/ –Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.

 

The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018 and another US$400 million loan in 2023. This renewed partnership will focus on financing trade and investment projects in key sectors such as clean energy, transportation, telecommunications, and climate change mitigation, while also facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.

“Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth,” said Samaila Zubairu, President & CEO of AFC. “Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”

AFC has been steadily expanding its presence in the Chinese financial markets recently securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. These ratings demonstrate AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. AFC also finalised a US$1.16 billion syndicated loan last year, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.

This collaboration underscores AFC and CEXIM’s mutual goal of fostering economic integration and sustainable development across Africa. Through this partnership, the two institutions will work together to mobilise funding for high-impact projects, enhance trade finance solutions, and support private sector growth across the continent.

MAPUTO, Mozambique, February 14, 2025/APO Group/ –Global energy major, ExxonMobil has invested over $20 million in Mozambique as part of its local content development strategy since 2017 and plans to direct more investments in the local economy through upcoming projects, according to Armando Afonso, Public & Government Affairs Manager, ExxonMobil Mozambique.

Speaking at the Invest in African Energies: Mozambique Roundtable, organized by the African Energy Chamber and the Mozambique Energy Chamber, Afonso said expanding opportunities within Mozambique’s oil and gas sector are strengthening ExxonMobil’s commitment to local content investments.

Afonso highlighted the vast reserves in Area 4, the country’s prime location and strategic market access, and the Rovuma LNG project’s low-emissions profile as key drivers of ExxonMobil’s commitment. He also highlighted the potential for integrating renewable energy sources such as solar, wind and hydrogen production within the Area 4 project.

“With the ramp-up of the Rovuma LNG project, our impact on local content will continue to grow, creating opportunities across the entire economy,” he stated. “Even though we are not yet in production, we have already positioned ourselves as a leader in local content with our Primary Center training local SMEs and our supplier portal enabling local businesses to register and partner with us.”

Adding to the discussion Valerio Parasiliti Parracello, Exploration Manager at Eni Mozambique pointed out that while the company currently produces from only six wells at the Coral South project, significant opportunities exist for further expansion.

“With Coral North and onshore projects, we see great potential to expand our portfolio and production in Mozambique,” he said.

Christelle Demars, Geoscience & Reservoir Manager for TotalEnergies’ Mozambique LNG Project, emphasized the high-quality gas resources in the Rovuma Basin as a major attraction for the company. “In just one area, we have 65 trillion cubic feet of gas, which will unlock enormous opportunities for Mozambique,” she stated.

She said TotalEnergies will supply gas to the local market as part of its agreement with the government and local content development strategy.

MAPUTO, Mozambique, February 13, 2025/APO Group/ –Our module being a developing nation as we are is to ‘Drill Baby Drill’ and maximize the exploration and production of oil and gas to catalyze industrialization and economic growth.

This was the key message delivered by Florival Mucave, Chairman of the Mozambique Energy Chamber, during the Invest in African Energies: Mozambique Roundtable held in partnership with the African Energy Chamber (AEC) in Maputo on Thursday.

In his opening remarks, Mucave emphasized that increased investment in oil and gas projects is Mozambique’s best opportunity to eradicate poverty and boost economic development.

“We are confident that oil and gas will deliver significant benefits to our people. While we recognize the challenges posed by climate change and remain committed to addressing them, we cannot afford to sit on these vast resources and continue to struggle economically,” he stated.

NJ Ayuk, Executive Chairman of the AEC, echoed this sentiment, stressing the need for stronger collaboration between the private and public sectors to foster youth and women’s inclusion while creating an investor-friendly environment.

“Mozambique’s energy story is still being written, and it must be written here in Mozambique. We must get it right by prioritizing local content, avoiding resource nationalization and strengthening partnerships with both global and local companies – they are not our adversaries,” Ayuk remarked.

He further urged Mozambique to push back against the demonization of fossil fuels, stating, “When they tell you oil is bad, yet they continue to benefit from it, we must produce every drop to empower ourselves. Do not apologize for developing this God-given resource. The Chamber will continue to stand by you.”

During the event, Mozambique’s Petroleum regulator Administrator Milton Macuacua Zibane said the country is implementing efforts fast-track implementation of over $15 billion worth of planned projects to create local jobs and drive economic expansion.