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 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 project has been on hold since 2021 due to force majeure and awaits loan reapproval from UK and Dutch export credit agencies.