(Ecofin Agency) - Mozambique plans to set a sovereign fund to invest revenues derived from the large natural gas reserves discovered in the country, president Filipe Nyusi (photo) revealed on March 27 during a statement in Maputo, the country’s capital.

According to the president, part of those oil resources will also be used to finance infrastructure projects, reduce poverty and diversify the economy.  

The resources of the Rovuma natural gas reserves discovered recently are estimated to be 180 billion metric cubes, averaging Nigeria’s overall natural gas reserves. Once the production has reached its peak, Mozambique could become the third-largest LNG exporter in the world behind Qatar and Australia.

Mozambique is betting on these LNG reserves to transform its economy, which is still ranked as one of the poorest in the world. According to Standard Bank, this economy could grow nine folds by 2035.