Maputo, July 6, 2026 (Lusa) - The value of the Mozambique Sovereign Wealth Fund (FSM) grew by more than 7.5% in the first seven months under the central bank’s management, reaching $118.3 million (€100.8 million), according to data seen by Lusa on Monday.
On 10 December 2025, the government transferred the first $109.97 million (€93.7 million) of gas exploration revenues to the Bank of Mozambique (BM), as the fund’s manager, to capitalise the FSM and launch its operations. On 6 January, the government made a further capital injection into the FSM, amounting to $6.159 million (€5.2 million).
As of 2 July, according to the latest data from the Bank of Mozambique, the FSM had a capital of $118.021 million (€100.6 million) and a market value of $118.326 million.
On 15 December 2023, the Mozambican parliament approved the creation of the FSM, stipulating that it should be funded by 40% of the annual revenue from natural gas extraction, which is expected to reach $6 billion (€5.11 billion) per year in the 2040s.
In its capacity as manager, the Bank of Mozambique has previously explained that the FSM “is a portfolio of financial assets, managed in accordance with the principles, rules and procedures laid down by law”, and that its creation was “motivated by the imperative need to say that the revenues generated by oil and gas exploration drive the country’s social and economic development”.
The aim is to maximise “the benefits for the national economy and to ensure that these serve as a stabilising pillar for the state budget, as well as a solid foundation for the creation of savings and the accumulation of wealth for future generations”, explained the central bank, in its capacity as operational manager.
The FSM “is owned by the state” and aims to “accumulate savings for future generations by collecting revenue from oil and natural gas exploration and the returns on the respective investments” and to “stabilise the budget in the event of volatility in oil revenues”.
The government is responsible for the overall management of the FSM, which “is managed operationally by the World Bank in the international financial market”, based on investment policy and subject to internal and external audit.
The International Monetary Fund (IMF) said in February that Mozambique’s government should strengthen governance reforms and safeguard the future management of the new FSM, which it considers to already follow international best practice.
“Strengthening governance reforms will be key to safeguarding the integrity of the FSM’s structure and ensuring that the revenue from natural resources is used efficiently,” the IMF wrote in its conclusions on the annual consultations on the Mozambican economy.
The report, dated 19 February, noted that the agreement for the Bank of Mozambique to manage the FSM, signed in November 2025, had made it possible to “complete the fund’s legal framework”.
“We will ensure that revenues are managed in accordance with the law,” the IMF stated at the time.
Mozambique has three approved mega-development projects for the exploitation of gas reserves in the Rovuma Basin, ranked among the largest in the world, off the coast of Cabo Delgado, including one by TotalEnergies, with a capacity of 13 million tonnes per annum, which is in the process of resuming operations, following a temporary pause due to security challenges in the region, and another by ExxonMobil (18 million metric tons per year), which is awaiting a final investment decision, both on the Afungi Peninsula.
In addition, in the ultra-deep waters of the same basin, Area 4, a consortium led by the Italian company Eni, has been operating since 2022 from the Coral Sul floating production unit and has already moved on to the second unit, Coral Norte, which is due to start production in 2028, whilst a third unit of this type is currently under consideration.
PVJ/ADB // ADB.
Lusa
