Ivory-based AfDB said in a statement that its board of directors had approved the loan on January 14.
Building on the success of Coral South FLNG, which became operational in 2022, the Coral North FLNG project will develop, construct, and operate a floating LNG facility with annual capacity of 3.55 million metric tonnes approximately 55 kilometers off the coast of northern Mozambique’s Cabo Delgado province, it noted.
AfDB said the Eni-led project is expected to cost more than $7 billion.
In addition to the African Development Bank Group, financing will be provided by other development finance institutions, export credit agencies, and commercial lenders.
Coral North is estimated to generate more than $20 billion in fiscal revenues over its lifetime, AfDB said.
Last year, Eni and its partners took a final investment decision on the second FLNG project in Mozambique.
The Italian company has a 50 percent operating stake in the JV.
Other partners include CNPC (20 percent), Kogas (10 percent), ENH (10 percent), and Adnoc’s XRG (10 percent).
South Korean shipbuilder Samsung Heavy recently launched the hull of Eni’s Coral Norte (Coral North) FLNG.
In addition to Samsung Heavy, France-based LNG engineering giant Technip Energies and Japan’s JGC are working on the project.
