The US Export-Import Bank will invest $100 billion to support President Trump’s plan to secure US and allied supply chains for critical minerals, nuclear energy, and liquefied natural gas, according to the Financial Times. The agency’s new chair, John Jovanovic, stated that the financing aims to counter western reliance on China and Russia, with the first tranche of deals including projects in Egypt, Pakistan, and Europe.

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“We can’t do anything else that we’re trying to do without these underlying critical raw material supply chains being secure, stable and functioning,” Jovanovic told the outlet. He confirmed the bank’s first deals include a credit insurance guarantee for $4 billion of LNG being delivered from Egypt by New York-based commodities group Hartree Partners, and a $1.25 billion loan for the Reko Diq mine under development in Pakistan by Barrick Mining.

The bank currently has $100 billion to deploy out of $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 that was reapproved in March to support an LNG project in Mozambique led by France’s TotalEnergies.

Ex-Im Bank is “back in a big way, and it’s open for business,” said Jovanovic in his first interview since assuming his new role in September, adding that the focus would be on bringing “US energy molecules to every corner of the globe.”

Jovanovic reported that Ex-Im was being “inundated” with requests for support for US LNG coming from Europe, Africa and Asia, and a series of multibillion-dollar LNG supply deals would be announced in the coming days. While some development banks have climate change-related mandates that prevent them from investing in fossil fuels projects, Ex-Im cannot exclude them. Jovanovic said American LNG would be a “stabilising 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 of emphasis, having expanded support for renewable energy under former president Joe Biden. Last year it supported $1.6 billion in green energy projects, an increase of 74 percent compared with 2023.

Source: IndexBox Market Intelligence Platform