The US Development Finance Corporation is creating a $20bn reinsurance facility to restart maritime cargo and oil commerce stalled by the closure of the Strait of Hormuz following the American and Israeli strikes on Iran.
DFC chief executive Ben Black and Treasury secretary Scott Bessent on Friday unveiled the facility, which follows a directive from President Donald Trump to create a political risk insurance and financial security mechanism to ensure free energy flows. Trump said the US Navy would escort tankers through the Strait if necessary.
Black said the facility, which will initially provide up to $20bn in cover on a rolling basis, would “restore confidence in maritime trade and stabilise international markets”.
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