US EXIM to invest $100bn to secure critical mineral supplies, FT says
The US Export-Import Bank (EXIM) will invest $100-billion to secure US and allied supply chains for critical minerals, nuclear energy and liquefied natural gas, the organisation's chair John Jovanovic told the Financial Times in an interview published on Sunday.
The first tranche of deals will include projects in Egypt, Pakistan and Europe, Jovanovic told the newspaper, adding that the West was over-reliant on supplies of these critical materials that "are no longer fair".
"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," he was quoted saying.
Jovanovic told the FT that the bank's early deals would include a credit insurance guarantee for $4-billion of natural gas being delivered to Egypt by New York-based commodities group Hartree Partners, and a $1.25-billion loan for the Reko Diq mine being developed by Barrick Mining in Pakistan.
The bank has $100-billion left to deploy of the $135-billion authorized by Congress, he said.
EXIM did not immediately respond to a request for comment outside regular business hours.
The investment aligns with US President Donald Trump's energy-dominance agenda.
Trump had campaigned on a promise to increase US energy output and has sought to roll back energy and environmental regulations since taking office in January.
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