Mozambique's economy to grow 7% in 2015

GMT 17:41 2015 Tuesday ,12 May

Arab Today, arab today Mozambique's economy to grow 7% in 2015

Beira industrial port
Maputo - AFP

The International Monetary Fund said Tuesday it expected Mozambique's economy to grow seven percent this year, thanks to investment in the vast northeastern Rovuma gas fields.

"Mozambique's economic performance remains robust and stronger than most other Sub-Saharan African countries," said Alex Segura-Ubiergo, who led an IMF team on a two-week trip to Mozambique.

"Growth is expected to reach seven percent in 2015."

The Fund forecasts growth to climb to an average of eight percent for four years from 2016.

Mozambique is on the cusp of becoming the world's third largest exporter of liquefied natural gas after major gas discoveries in 2011.

The plans to develop the oil and gas sector in the Rovuma basin, at a cost of up $100 billion dollars, will represent "one of the largest investments ever seen in Africa," said Segura-Ubiergo.

Italian energy group ENI and America's Anadarko are the leading investors in the offshore reserves.

The first cubic metres of gas should come on stream in 2019, according to ENI.

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