The Mozambican Government has just announced that it will create a Sovereign Reserve Fund for the financing of projects aimed at national development, which will be called the “National Development Fund (FND)” and will have as one of the sources extraordinary revenues, with emphasis on the capital gains resulting from the sale of assets related to projects in the mining sector.
The Minister of Economy and Finance, Adriano Maleiane, who made the announcement, said that the fund would also be fed by the revenues generated by the exploration of hydrocarbons and various minerals in the country1 and that it was intended to be managed by the National Investment Bank ( BNI). The fund project is expected to be completed by the end of the year and it is assumed that the first resources will come from part of the capital gains resulting from the sale of Eni's assets in area 4 of the Rovuma Basin, to Exxon Mobil.
