Project Vault is the largest loan in EXIM's 92-year history — and it's not close.

At $10 billion, the critical minerals reserve financing is 2× the size of the previous record (Sadara Petrochemical, $4.98B in 2013) and exceeds EXIM's entire FY2024 authorization volume of $8.4B in a single transaction.

The loan, paired with ~$2B in private capital, establishes a strategic stockpile covering all 60 minerals on the USGS critical minerals list — a structure with no precedent at the agency.

For context, Project Vault alone would represent roughly 29% of EXIM's total outstanding authorization authority.

Whether you view this as bold industrial policy or concentrated risk, the scale demands attention.