A US$20 billion liquefied natural gas project in Mozambique appears to be moving forward once again after US Export-Import Bank ( Exim ) reapproved a US$4.7 billion loan.

The loan was originally granted in 2020 during US President Donald Trump’s first term. However, work has been frozen since 2021, when attacks by Islamic State-linked insurgents killed workers making initial preparations for the project, located in Cabo Delgado province in the north of the East African country.

Lead sponsor TotalEnergies put the project temporarily on hold before any of the loans had been drawn.

In the summer of 2020, TotalEnergies signed a US$14.9 billion package of direct loans and export credit agency-covered commercial bank facilities from 19 lenders, as well as a loan from the African Development Bank.

Aside from US Exim, other lenders on the 2020 package were UK Export Finance ( UKEF ), SACE from Italy, Atradius from the Netherlands, Export Credit Insurance Corporation of South Africa, Japan Bank for International Cooperation, Nippon Export and Investment Insurance, and the Export-Import Bank of Thailand.

European export credit agencies are viewed as likely to follow the lead of the US in getting the project started again. US Exim is heavily involved since American subcontractors expected to receive up to 30% of the project contracts.

TotalEnergies chief executive Patrick Pouyanné commented recently that the security situation has improved, and is aiming for project completion in 2030.