The U.S. Ex-Im is preparing to deploy $100 billion to support President Trump’s plan to secure U.S. and allied supply chains for critical minerals, nuclear energy, and liquefied natural gas, the Financial Times reported.
The bank’s new chair, John Jovanovic, said the strategy is designed to reduce Western dependence on China and Russia, with the first tranche of financing directed toward projects in Egypt, Pakistan, and Europe.
“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 that the initial deals include a credit insurance guarantee for $4 billion of LNG supplied from Egypt by New York-based Hartree Partners, and a $1.25 billion loan for the Reko Diq copper and gold project in Pakistan led by Barrick Mining.
Ex-Im currently has $100 billion available out of the $135 billion authorised by Congress. It approved $8.7 billion in new transactions in the 12 months to the end of September, excluding a $4.7 billion loan reapproved in March for an LNG development in Mozambique led by TotalEnergies.
Jovanovic, speaking in his first interview since taking office in September, said Ex-Im is “back in a big way, and it’s open for business,” adding that the bank will prioritize bringing “U.S. energy molecules to every corner of the globe.”
He noted that the bank is being “inundated” with requests for support for U.S. LNG from Europe, Africa, and Asia, and that several multibillion-dollar supply deals will be announced in the coming days.
While some development banks restrict fossil fuel financing due to climate mandates, Ex-Im is not permitted to exclude such projects. Jovanovic said American LNG would act as a “stabilizing factor in providing energy security to parts of the world that need it most.”
The bank’s renewed emphasis on LNG and energy security marks a shift from the previous administration, which expanded Ex-Im’s support for renewable energy. Last year, the agency financed $1.6 billion worth of green energy projects, a 74% rise from 2023.
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