The board of the U.S. Export-Import Bank approved a nearly $5 billion loan for a long-delayed LNG project in Mozambique, clearing a key hurdle to restarting the project under development by French oil major TotalEnergies .

US President Donald Trump’s administration has unlocked almost $5bn in funding for a liquefied natural gas project by France’s TotalEnergies in Mozambique, potentially restarting work on one of Africa’s largest energy investments.

The board of the U.S. Export-Import Bank approved a nearly $5B loan for a long-delayed liquefied natural gas project in Mozambique, Reuters reported late Thursday, clearing a key hurdle to restarting the project under development by France's TotalEnergies (NYSE:TTE).

The US Export Credit Agency has approved a loan of nearly $5 billion for Mozambique LNG, something which had been refused under the Biden administration.

The US Export-Import Bank’s board approved a $4.7 billion loan that makes up the biggest piece of financing for TotalEnergies SE’s Mozambique LNG project, according to people with knowledge of the matter.