U.S. Export-Import Bank Amends Financing of Mozambique LNG Loan

The vote amended the original scope of EXIM’s financing of the project from only the onshore portion of the LNG plant and related facilities to also allocate an estimated $1.8 billion of the estimated total of $4.7 billion (decreased from the original $5 billion) to support the project’s offshore production.  The transaction now will support an increased number—16,700—of estimated American jobs over the five-year construction period according to an EXIM statement. 

“EXIM’s financing for the Mozambique LNG project continues to strongly support President Trump’s Prosper Africa Initiative to unlock opportunities for U.S. businesses in Africa. The amendment approved today expands the scope of U.S. involvement in the project to support even more American jobs—16,700 U.S. jobs—across additional states,” said EXIM President and Chairman Kimberly A. Reed. 

As part of EXIM’s 2019 reauthorization the U.S. Congress directed EXIM to establish the “Program on China and Transformational Exports.” The Program’s purpose is to advance the United States’ comparative leadership in the world with respect to China and strengthen America’s competitiveness through EXIM’s support of transformational U.S. exports—and the U.S. jobs that make them possible—as U.S. companies seek to compete and win in the global marketplace.

Reed added, “We were told that China and Russia were slated to finance this deal before our EXIM board quorum was restored by the U.S. Senate one year ago. This is a great example of how a revitalized EXIM, thanks to President Trump’s leadership and bipartisan support from Congress, can help ensure the use of ‘Made in the U.S.A.’ products and services, without ceding ground to countries like China and Russia.”