The U.S. Export-Import Bank has reauthorized a $4.7 billion loan for TotalEnergies’ Mozambique liquefied natural gas (LNG) project, initially approved during the Trump administration but delayed due to security concerns in the Cabo Delgado region. This funding is pivotal for the $20 billion initiative, positioning Mozambique as a significant LNG exporter. The project faced setbacks in 2021 when Islamist insurgencies prompted TotalEnergies to halt operations. With improved security conditions, construction is set to resume, though environmental groups express concerns over potential ecological and social impacts. The reapproval underscores the U.S. commitment to global energy projects and Mozambique’s economic development.
Source: Business Insider Africa