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Export-Import Bank of US reaffirms support for Mozambique LNG project

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Hydrocarbon Engineering,

As a major integrated LNG project in Mozambique advances toward fruition, the Export-Import Bank of the United States (EXIM) has reaffirmed its continuing support for the development by initiating the process of providing US$4.7 billion in financing that will support an estimated 16 700 American jobs over the five-year construction period.

EXIM Chief Banking Officer Stephen Renna recently signed initial documents relating to a board-authorised direct loan that would support U.S. exports for the development and construction of the LNG project located on the Afungi Peninsula in northern Mozambique. EXIM’s action came as other organisations, which also intend to lend to the project, moved ahead with their financing plans.

Once additional documents are finalised and conditions are satisfied, EXIM’s financing will support a forecasted 16 700 US jobs at 68 suppliers located in eight states — Florida, Georgia, Louisiana, New York, Oklahoma, Pennsylvania, Tennessee, and Texas — and the District of Columbia. Follow-on sales are expected to support thousands of additional jobs across the US.

“As the Mozambique LNG project marks further milestones, we want to underscore EXIM’s continuing commitment to this project,” said EXIM President and Chairman Kimberly A. Reed. “This project continues to serve as a great example of how a revitalised EXIM can help ‘Made in the USA’ products and services compete in a fierce global marketplace and counter competition from countries like China and Russia. It also reinforces EXIM’s strong support for President Trump’s Prosper Africa initiative to unlock opportunities for U.S. businesses in Africa. This authorisation will stand as a reminder to companies across the board in all industries: EXIM is open, and we want to work with you to help fill financing gaps in the market to support our great American workers and exporters.”

EXIM’s Board of Directors approved financing for the onshore portion of the Mozambique LNG project in September 2019 and amended it in May 2020 to encompass the project’s offshore production.

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