JPMorgan Chase CEO Jamie Dimon on Wednesday introduced a $24 million effort to assist revive American shipbuilding, his newest transfer underneath the financial institution’s $1.5 trillion safety undertaking geared toward bolstering industries essential to U.S. financial and nationwide safety.
The determine contains $18 million in loans and $6 million in grants to finance a brand new submarine manufacturing facility on the Philadelphia Navy Yard being constructed by Rhoads Industries, develop lending to maritime-related small companies and strengthen regional suppliers, JPMorgan mentioned.
“The arsenal of democracy has been reignited,” Dimon informed CNBC’s Andrew Ross Sorkin.
“Individuals mentioned it could not occur, however right here you’ve gotten Hanwha shipbuilding on the Philadelphia Navy Yard,” Dimon mentioned, naming a South Korean conglomerate with a U.S. vessel-making subsidiary.
The announcement comes as rising geopolitical tensions, together with wars within the Center East and Ukraine, spur governments to rearm and reinvest in home industrial capability.
Final 12 months, JPMorgan launched a $1.5 trillion initiative to finance sectors it considers essential to U.S. financial and nationwide safety, together with shipbuilding. The agency introduced an enlargement of this system into Europe this 12 months.