US EXIM will invest $100 billion in order to secure vital mineral supplies, FT reports

John Jovanovic, chair of the U.S. Export-Import Bank, told The Financial Times that the bank will invest $100 billion in order to secure U.S. supply chains and those of its allies for essential minerals, nuclear energy, and liquefied gas.

Jovanovic, a journalist, told the paper that the first deal will cover projects in Egypt and Pakistan, as well as Europe. He added that the West is overly dependent on the supply of these essential materials, which "are not fair".

He was quoted as saying, "We cannot do anything else without these critical raw material supply chain being stable and working."

The CONGRESS had approved $135 billion for EXIM to deploy

Jovanovic told The FT that early deals for the bank would include a guarantee of credit insurance for $4 billion worth of natural gas delivered to Egypt by New York commodities group Hartree Partners and a loan for $1.25 billion for Barrick Mining's Reko Diq project in Pakistan.

He said that the bank still has $100 billion to spend of the $135 million authorized by Congress.

EXIM didn't immediately respond to an outside of regular business hours request for comment.

The investment is in line with the energy dominance agenda of U.S. president Donald Trump.

Since taking office, Trump has been trying to reverse energy and environmental regulations. Reporting by Ruchika Kaur and Gursimran K. in Bengaluru, Editing by Alexandra Hudson & David Holmes

(source: Reuters)