The U.S. Export-Import Bank has reauthorized a $4.7 billion loan for TotalEnergies' Mozambique liquefied natural gas (LNG) project. Initially approved under the Trump administration, the project faced delays due to security concerns in Cabo Delgado. This funding is crucial for the ambitious $20 billion initiative, aiming to position Mozambique as a prominent exporter of LNG.
In 2021, the project suffered a major setback when Islamist insurgencies forced TotalEnergies to halt operations. However, with improved security in the region, construction is set to resume. Despite this progress, environmental groups have raised concerns about potential ecological and social consequences.
The reapproval highlights the U.S. commitment to global energy investments and Mozambique's economic growth.
