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EXIM Board approves amended Mozambique LNG project loan

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LNG Industry,

The Board of Directors of the Export-Import Bank of the US (EXIM) has unanimously voted to amend the agency’s previously approved September 2019 direct loan supporting US exports for the development and construction of the integrated LNG project located on the Afungi Peninsula in northern Mozambique.

This recent board action amends the original scope of EXIM’s financing of the project from the onshore portion of the LNG plant and related facilities exclusively to also allocate an estimated US$1.8 billion of the estimated total of US$4.7 billion (decreased from the original US$5 billion) to support the project’s offshore production. As a result, the transaction now will support an increased number of American jobs (approximately 16 700) over the project’s five-year construction period.

The number of US suppliers involved in supplying the project has also increased to 68, with 31 new companies added to the 37 previously identified. These suppliers are located in two more states, Louisiana and Oklahoma, in addition to the previously announced states of Florida, Georgia, New York, Pennsylvania, Tennessee and Texas, and the District of Columbia. Follow-on sales are expected to support thousands of additional jobs across the US.

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

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