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EXIM approves loan to finance US exports to Mozambique LNG project

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LNG Industry,

The board of directors of the Export-Import Bank of the US (EXIM) has voted unanimously to authorise a direct loan of up to US$5 billion to aid the development and construction of an integrated LNG project located on the Afungi Peninsula in northern Mozambique.

EXIM’s financing will support US exports of goods and services for the engineering, procurement and construction of the onshore LNG plant and related facilities. The transaction will support an estimated 16 400 American jobs over the five-year construction period, including jobs at suppliers in multiple states, including: Texas, New York, Pennsylvania, Georgia, Tennessee, Florida, and the District of Columbia. Through follow-on sales, thousands of additional jobs are likely to be generated across the US.

Through fees and interest earned, the transaction is also anticipated to generate more than US$600 million in revenue for US taxpayers, according to EXIM projections.

“In addition to supporting our US workers here at home, there also is little doubt that this transaction will be transformative for the people of Mozambique. It is currently forecast that the life of project will have a net benefit of more than US$60 billion, which is more than four times the current gross domestic product of Mozambique. In addition, the project is obligated to provide domestic gas, which will support the expansion of electric generation capacity and the development of other industries in the country,” said EXIM President and Chairman Kimberly Reed.

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