The U.S. Export-Import Bank’s (EXIM) board on Thursday unanimously approved an initiative that could open the door to new financing for U.S. liquefied natural gas (LNG) export projects and help make more of them a reality amid a global shortage of the super-chilled fuel.

EXIM has long assumed the credit and country risks associated with exports and helped provide financing for the sale of U.S. products. The Make More in America Initiative authorized Thursday would expand that aid to manufacturing and infrastructure export projects.

The U.S. has approved dozens of facilities to export U.S. LNG and other applications are pending. Some of the projects are soon expected to reach final investment decisions, but still lack financing. Demand for U.S. gas exports is growing as Europe...