The US Export Credit Agency has approved a loan of nearly $5 billion for Mozambique LNG, something which had been refused under the Biden administration.

The board of the U.S. Export-Import Bank approved a nearly $5 billion loan for a long-delayed LNG project in Mozambique, clearing a key hurdle to restarting the project under development by French oil major TotalEnergies.

The project has been on hold since 2021 due to force majeure and awaits loan reapproval from UK and Dutch export credit agencies.

US President Donald Trump’s administration has unlocked almost $5bn in funding for a liquefied natural gas project by France’s TotalEnergies in Mozambique, potentially restarting work on one of Africa’s largest energy investments.

The US Export-Import Bank’s board approved a $4.7 billion loan that makes up the biggest piece of financing for TotalEnergies SE’s Mozambique LNG project, according to people with knowledge of the matter.

The U.S. Export-Import Bank is expected to approve the loan for a TotalEnergies facility that's located in a conflict zone.

The board of the U.S. Export-Import Bank has approved a nearly $5 billion loan for a long-stalled LNG project in Mozambique. ・U.S. Export-Import Bank approves nearly $5 billion loan for LNG project in Mozambique.