You have failed to understand that it is the taxpayers of SOUTH AFRICA that ultimately guarantee an Ex-Im guaranteed loan to support a purchase by Comair - NOT the taxpayers of the US.
That’s the only reason export guarantee loans work - because the government of the BORROWER’s country guarantees to underwrite the loan - NOT the taxpayers of the lending country.
You ever negotiate one of these export guarantee packages? I have.
I have. The US government ultimately is the final guarantor of the loan. If no one else pays the US government will. It is simply a mechanism to lower borrowing costs to the borrower which subsidizes the sale by the manufacturer. Just like Freddie and Fannie and ultimately will end the same.