Mozambique’s Sovereign Wealth Fund (FSM), created to manage earnings from the country’s natural gas projects, has received over $210 million in inflows during its first 20 months of operation, the Ministry of Finance confirmed.

The fund, launched in December 2023, is fueled by revenues from Mozambique’s emerging liquefied natural gas (LNG) industry. It collected $164.7 million in 2024 and an additional $45.2 million in the first half of 2025. The money is deposited in a transitional account at the Bank of Mozambique under the provisions of Law No. 1/2024.

By law, 40 percent of annual gas revenues are allocated to the FSM in its first 15 years, while the remaining 60 percent flows into the state budget. From year 16 onward, the split will be equal.

Emanuel Chaves, who chairs the FSM Oversight Committee, pledged that the fund will be managed transparently to ensure gas proceeds are invested for the benefit of future generations. Analysts project that as major offshore LNG projects reach full production, the fund could receive up to $6 billion per year by the 2040s.

Still, civil society groups have pushed back against government plans to tap the FSM for social spending. The Civic Movement on the Sovereign Fund described such moves as “illegal,” warning that diverting resource wealth could undermine the fund’s purpose of preserving oil and gas revenues for long-term stability.

Mozambique holds some of the largest untapped gas reserves in sub-Saharan Africa, and the sovereign wealth fund is seen as a critical tool to prevent the so-called “resource curse” and anchor the country’s fiscal future.