Senator Jack Reed, a senior member of the Armed Services Committee, has secured a series of written assurances and ongoing reporting requirements regarding a controversial loan recently extended by the U.S. Export-Import Bank to Azerbaijan for the purchase of an advanced satellite, reported the Armenian National Committee of America (ANCA).
 
The bipartisan Congressional inquiries into this deal, since it was first placed on the Ex-Im agenda earlier this year, were made possible by Congressman Brad Sherman, whose detailed scrutiny into this transaction created the opportunity for both his House and Senate colleagues to follow up with a broad range of questions and concerns.

In addition to Senator Reed, Senator Mark Kirk a leading voice in Congress on military issues, played an especially constructive role in addressing the potential regional security implications of this satellite financing deal.
 
In a two-page letter, the Bank’s Chairman and President, Fred Hochberg, explained to Senator Reed that, “[T]hough Ex-Im Bank has established that the satellite lacks a military capacity, the Bank has implemented additional measures to ensure that the satellite is not utilized for any military related purpose.” Ex-Im Bank said it will also have the right to inspect all books and records related to the project at any time during the life of the loan.