The US Export-Import Bank (Ex-Im) has authorised a USD5 billion loan to finance US exports to the Mozambique LNG project.
The bank’s board of directors voted unanimously to authorise the direct loan, which will be used to support the export of US goods and services used in the development and construction of the integrated LNG project on the Afungi peninsula.
Ex-Im president and chairman, Kimberly A. Reed, said: “Ex-Im’s support of the Mozambique LNG project will directly support President Trump’s Prosper Africa Initiative to increase America’s trade with Africa. This transaction will enable many US companies in numerous states to participate in this significant project and also support thousands of American jobs.”
The Mozambique LNG project will begin to develop the Rovuma Basin, one of the world’s largest untapped reserves of natural gas. Ex-Im financing will support US exports to the Area 1 concession of the Mozambique LNG project, which covers approximately 10,000 sq km and is anticipated to supply up to 64 trillion cu ft of gas.