'Arsenal of democracy': Jamie Dimon announces $24 million effort to boost American shipbuilding

JPMorgan Chase CEO Jamie Dimon on Wednesday announced a $24 million effort to help revive American shipbuilding, his latest move under the bank's $1.5 trillion security project aimed at bolstering industries critical to U.S. economic and national security.

The figure includes $18 million in loans and $6 million in grants to finance a new submarine manufacturing facility at the Philadelphia Navy Yard being built by Rhoads Industries , expand lending to maritime-related small businesses and strengthen regional suppliers, JPMorgan said.

"The arsenal of democracy has been reignited," Dimon told CNBC's Andrew Ross Sorkin .

"People said it couldn't happen, but here you have Hanwha shipbuilding at the Philadelphia Navy Yard," Dimon said, naming a South Korean conglomerate with a U.S. vessel-making subsidiary .

The announcement comes as rising geopolitical tensions, including wars in the Middle East and Ukraine, spur governments to rearm and reinvest in domestic industrial capacity.

Last year, JPMorgan launched a $1.5 trillion initiative to finance sectors it considers critical to U.S. economic and national security, including shipbuilding. The firm announced an expansion of the program into Europe this year.

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