The US Export-Import Bank intends to invest $100 billion to support President Trump’s plan to secure US and allied supply chains for critical minerals, nuclear power and liquefied natural gas, according to the Financial Times. The agency’s new head, John Yovanovitch, said the funding aims to counter Western dependence on China and Russia, with the first batch of deals including projects in Egypt, Pakistan and Europe.
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“We can’t do anything else we’re trying to do without these essential raw material supply chains being safe, stable and functioning,” Yovanovitch told the outlet. He confirmed that the bank’s first deals include a credit insurance guarantee worth $4 billion of liquefied natural gas delivered from Egypt by New York-based commodity group Hartery Partners, and a loan worth $1.25 billion for the Rico Diq mine under development in Pakistan by Barrick Mining Company.
The bank currently has $100 billion to distribute out of the $135 billion authorized by Congress, and has authorized $8.7 billion in new transactions in the 12 months to the end of September. This figure does not include a $4.7 billion loan re-approved in March to support a liquefied natural gas project in Mozambique led by France’s Total Energie.
Ex-Im Bank is “back in a big way, and is open for business,” Yovanovitch said in his first interview since taking his new position in September, adding that the focus will be on bringing “American energy molecules to every corner of the world.”
Yovanovitch reported that Ex-Im was “inundated” with US LNG support requests coming from Europe, Africa and Asia, and a series of multi-billion-dollar LNG supply deals would be announced in the coming days. While some development banks have climate change mandates that prevent them from investing in fossil fuel projects, the Export-Import Bank cannot rule them out. Yovanovitch said that US LNG would be “a stabilizing factor in providing energy security to parts of the world that need it most.”
The bank’s increased focus on supporting LNG exports and energy security represents a shift in focus, after expanding support for renewable energy under former President Joe Biden. Last year, it supported green energy projects worth $1.6 billion, an increase of 74 percent compared to 2023.
Source: Market intelligence platform IndexBox
