Mozambique LNG Project Secures $5B U.S. Export Loan

The board of the U.S. Export-Import Bank has approved a nearly $5 billion loan for a long-delayed liquefied natural gas (LNG) project in Mozambique, marking a key step toward its restart. The project, led by French oil major TotalEnergies (TTEF.PA), had been stalled since 2021 due to security concerns in the northern Cabo Delgado region.

The bank had initially approved a $4.7 billion loan during President Donald Trump’s administration, but the funding required re-approval after construction was halted due to violent unrest. No disbursements had been made before the suspension.

The renewed financing aims to revive progress on the $20 billion project, which is expected to be a significant driver of economic growth in Mozambique.

Reuters/Patience Ameh