As the major integrated liquefied natural gas (LNG) project in Mozambique advances toward fruition, the Export-Import Bank of the United States (EXIM) has reaffirmed its support for the development by initiating the process of providing $4.7 billion in financing designed to 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 US exports for the development and construction of the LNG project located on the Afungi Peninsula in northern Mozambique. EXIM’s action came as other organizations, which also intend to lend to the project, moved ahead with their financing plans.
EXIM sees the funding as a means of helping ‘Made in the USA’ products and services compete in a fierce global marketplace and counter competition from countries like China and Russia.
EXIM’s Board of Directors approved financing for the onshore portion of the project in September 2019 and amended it in May 2020 to encompass the offshore production.
