The value of the Mozambique Sovereign Wealth Fund (FSM) grew 6.5% in the first three months under central bank management, reaching $117.026 million (€100.8 million), according to data compiled by Lusa.
The government handed over the first $109.97 million (€94.8 million) in gas revenue to the Bank of Mozambique (BM) — as fund manager — on December 10, to capitalise and launch FSM operations.
On January 6, the government made a further capital injection into the FSM of $6.159 million (€5.3 million).
As of March 2, according to the latest Bank of Mozambique data, the FSM held nearly $117.026 million — growth of 6.5% in three months — with a market value of $117.061 million (€100.9 million).
The Mozambican parliament approved the creation of the FSM on December 15, 2023, stipulating that it be funded with 40% of annual revenues from natural gas exploitation, which in the 2040s are expected to reach $6 billion (€5.123 billion) per year.
In its role 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 established in law,” and that its creation was “driven by the imperative need to ensure that revenues generated from oil and gas exploitation drive the country’s social and economic development.”
“Maximising the benefits for the national economy and ensuring that these serve as a pillar of stabilisation for the state budget, as well as a solid foundation for savings and wealth accumulation for future generations,” the central bank explained in its role as operational manager.
The FSM “is state property” and aims to “accumulate savings for future generations through the collection of revenues from oil and natural gas exploitation and the returns on related investments” and to “stabilise the state budget in cases of volatility in oil revenues.”
The government is responsible for overall FSM management, which “is operationally managed by the BM in the international financial market,” based on the investment policy and subject to internal and external audit.
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The International Monetary Fund (IMF) argued in February that the Mozambican government should strengthen governance reforms and safeguard the future management of the new FSM, which it considers already follows international best practices.
“Strengthening governance reforms will be key to safeguarding the integrity of the FSM framework and ensuring the efficient use of natural resource revenues,” the IMF wrote in its conclusions from the annual consultations on the Mozambican economy.
The report, dated February 19, notes that the FSM management agreement signed by the Bank of Mozambique in November 2025 allowed the completion of “the fund’s legal framework.”
“This will ensure that revenues are managed in accordance with the law,” it states.
Mozambique has three approved megaprojects for the exploitation of gas reserves in the Rovuma basin — classified among the world’s largest — off the coast of Cabo Delgado. These include a TotalEnergies project of 13 million tonnes per year (mtpa), currently being resumed after suspension due to terrorist attacks in the region, and an ExxonMobil project (18 mtpa) awaiting a final investment decision, both on the Afungi peninsula.
Also in the deep waters of the same basin is Area 4, a consortium led by Italian company Eni, which has been operating the Coral Sul floating unit since 2022 and is moving forward with the second Coral Norte unit, set to begin production in 2028.
