The U.S. Export-Import Bank approved a $500 million loan guarantee for an oil and gas project in Bahrain on Thursday, in a move described by some lawmakers and environmental groups as a troubling blow to President Joe Biden’s climate agenda.
The project is expected to support around 2,100 jobs in Texas and other states, according to the bank, known as the Ex-Im Bank, whose mission is to promote U.S. exports and generate jobs in America.
A press release announcing the loan’s approval states that it will support services and goods for an ongoing gas field development program “and is not expected to result in a meaningful increase in oil and gas production.”
Climate advocates slammed the financing as an irresponsible use of taxpayer money that they say undermines White House efforts to rein in U.S. support of fossil fuel projects internationally.
