The Export-Import Bank of the United States (EXIM), capped a pivotal week marked by historic milestones reinforcing its role as a frontline economic tool to protect American manufacturers from supply shocks, strengthen domestic production and processing of critical raw materials, and enhance the resilience of the U.S. industrial base.
At the center of these efforts is the launch of Project Vault, an unprecedented, uniquely American initiative to fortify U.S. critical minerals supply chains through a decentralised, market-driven model.
Launch of Project Vault and the U.S. Strategic Critical Minerals Reserve
On Monday, February 2, EXIM, in coordination with the White House, formally announced Project Vault — a $12 billion initiative backed by a $10 billion EXIM loan and nearly $2 billion in private-sector investment. The initiative establishes the U.S. Strategic Critical Minerals Reserve, an independently governed public-private partnership designed to store essential raw materials in secure facilities across the United States.
Modeled in part on the long-standing Strategic Petroleum Reserve, Project Vault extends the concept to American industry — ensuring reliable access to critical minerals necessary for manufacturing, energy infrastructure, defense systems, advanced technologies, and grid modernisation.
President Donald Trump emphasized the national importance of the initiative, stating:
“We’re launching what will be known as Project Vault to ensure that American business and workers are never harmed by any shortage. Just as we have long had a strategic petroleum reserve and stockpile of critical minerals for national defense, we’re now creating this reserve for American industry, so we don’t have any problems.”
By leveraging private capital alongside federal financing, Project Vault represents a first-of-its-kind framework aligning national security objectives with commercial supply-chain solutions.
Chairman Jovanovic Highlights Innovative Financing Model
Following EXIM’s approval of Project Vault, Chairman, Jovanovic, underscored the initiative’s innovative structure during national media appearances on CNBC and Bloomberg, highlighting the Bank’s ability to deploy strategic financing tools to strengthen supply chain resilience and protect American jobs.
Later in the week, Chairman, Jovanovic, participated in a fireside chat at the Center for Strategic and International Studies (CSIS), during the forum titled “Securing Critical Mineral Supply: A Government-Industry Dialogue.” He emphasized EXIM’s commitment to advancing practical public-private financing solutions that reinforce U.S. industrial competitiveness.
Senior EXIM leaders also participated in the dialogue, including:
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Katherine Bowles, Senior Vice President
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Sarah Whitten, Global Head of Origination
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Brian Greeley, Chief Banking Officer
Together, they outlined EXIM’s broader strategy to support domestic manufacturers, strengthen upstream mineral processing capabilities, and mitigate geopolitical supply chain risks.
International Engagement at Critical Minerals Ministerial
Chairman, Jovanovic, concluded the week at the Critical Minerals Ministerial hosted by Secretary of State Marco Rubio, a key international forum focused on strengthening global critical mineral supply chains. The event brought together representatives from more than 50 countries and senior U.S. government officials.
During his remarks, Chairman Jovanovic highlighted Project Vault as a transformative model for aligning government tools with private-sector execution, reaffirming EXIM’s commitment to protecting American workers and ensuring long-term industrial security.
Industry Leaders Applaud Historic Initiative
Leaders across the energy, manufacturing, and commodities sectors praised Project Vault as a landmark step toward strengthening supply chain resilience and American competitiveness.
Scott Strazik, Chief Executive Officer of GE Vernova, said:
“As we rise to the challenge of meeting America’s and the world’s rapidly growing needs for key power and grid equipment, the need to grow supply chains and access to critical minerals has never been more important. We’re thankful for the historic leadership around Project Vault, a timely initiative that will advance more access to affordable, reliable power and strengthen energy security for American families, communities and partners.”
Brian Falik, President of Mercuria Energy Americas, added:
“Project Vault represents a transformative approach to strategic sourcing, and Mercuria is honored to contribute to this historic effort. By aligning private capital with national security objectives, we’re reinforcing the foundations of American manufacturing and ensuring long-term access to critical raw materials.”
Mark Kristoff, Chief Executive Officer of Traxys, noted:
“This groundbreaking initiative of EXIM Bank and the U.S. government bolsters the supply chain of critical minerals for American manufacturers and enhances national economic security.”
Stephen Hendel, Founding Managing Partner of Hartree, said:
“Project Vault demonstrates the power of innovative public-private partnerships to strengthen U.S. industry and supply-chain resilience.”
Adam Muellerweiss, Vice President of Strategic Initiatives at Clarios, called the reserve:
“An essential and unprecedented step in securing critical minerals supply chains for U.S. manufacturing now and for generations to come.”
Jeff Shockey, Executive Vice President of Government Operations, Global Public Policy and Corporate Strategy at Boeing, stated:
“Boeing strongly supports the Administration’s efforts to strengthen supply chain resilience for critical minerals and bolster American manufacturing competitiveness.”
Reinforcing America’s Industrial Future
Project Vault represents a strategic investment in U.S. economic security, ensuring American manufacturers have reliable access to the raw materials essential for innovation, infrastructure, defense, and energy leadership.
By combining federal financing with private-sector expertise, EXIM is demonstrating how public-private partnerships can serve as powerful engines for industrial resilience and long-term competitiveness.
For more information about Project Vault and the U.S. Strategic Critical Minerals Reserve, visit www.exim.gov.
About the Export-Import Bank of the United States (EXIM)
The Export-Import Bank of the United States is the official export credit agency of the United States. EXIM supports American jobs by facilitating the export of U.S. goods and services, strengthening U.S. supply chains, and advancing the nation’s economic and national security interests.
