ANNOUNCEMENT 21 Jun 2021

In June 2021, the U.S. Export-Import Bank approved USD 80.7 million financing to support launch services by SpaceX and U.S.-brokered insurance for the launch of a new satellite.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Export-Import Bank of the United States (EXIM), “EXIM Approves $80.7 Million to Support SpaceX Launch Services and U.S.-Brokered Insurance for Hispasat Satellite”. Available at: https://www.exim.gov/news/exim-approves-807-million-support-spacex-launch-services-and-brokered-insurance-for-hispasat

Inception date: 21 Jun 2021 | Removal date: open ended

Trade finance

On 21 June 2021, the U.S. Export-Import Bank (EXIM) announced approving a USD 80.7 million financing to support launch services of a new satellite for Hispasat, S.A. of Spain by SpaceX and U.S.-brokered insurance for Hispasat Satellite. US EXIM has provided financial support for this transaction to provide long-term financing for Hispasat that was not available from commercial lenders. According to the announcement from the U.S. EXIM, with the financial support, U.S. EXIM has also countered a potential export credit agency support for a French launch-services competitor, Arianespace.

In this context, EXIM Acting First Vice President and Vice-Chairman James C. Cruse said: “This transaction signals the return of EXIM in support of the U.S. satellite-related industry. The need for export credit agency support is well-established in this industry, and the availability of EXIM’s financing enables SpaceX and other U.S. exporters to remain competitive.”

EXIM Board Member Judith D. Pryor said: “It is exciting to be supporting SpaceX as they launch this new satellite for Hispasat. This is precisely where EXIM plays a critical role, supporting high-tech U.S. companies and their workers in an intensively competitive environment. This transaction is a fine example of how EXIM is available for U.S. exporters, especially when the decisions of international buyers hinge upon the availability of government-provided export credit.”

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