Wednesday, 07 April 2021 01:13

U.S. Export-Import Bank Warned on Mozambique Risks Before $4.7 Billion Loan

 The Export-Import Bank of the U.S. decided to lend $4.7 billion to a gas project in Mozambique despite its own analysis warning about security risks that have since forced Total SE to suspend work at the site.

Ex-Im Bank approved the financing last year, outlining that it would support about 16,700 U.S. jobs over a five-year construction period. The funding accounted for the biggest share of about $15 billion raised for the project and, according to the bank displaced funding efforts by China and Russia as the U.S. government sought to deflect their growing influence in Africa.

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