EXIM approves up to $10B loan to launch Project Vault, a US strategic critical minerals reserve

US Export-Import Bank (EXIM)/Project Vault

EXIM's board approved a direct loan of up to $10B for Project Vault, a public-private partnership that will store critical raw materials in warehouses across the US. Manufacturers fund the carrying costs and get access to the metal when markets are disrupted; EXIM says the structure should earn taxpayers a net return.

• Announced on 2 February 2026; the largest loan in EXIM's history.
• About $2B of private capital joins the loan, for roughly $12B in total.
• First manufacturers: Clarios, GE Vernova, Western Digital and Boeing; suppliers Hartree Partners, Mercuria Americas and Traxys.
• Independently governed rather than run by a government agency.