Emerald Networks has received a Preliminary Project Letter (PPL) from the US Export-Import bank regarding its application for a loan to support the construction of its trans-Atlantic submarine cable Emerald Express. The PPL indicates that the EXIM bank is considering a financing commitment, subject to certain conditions. The new-build Emerald Express will connect Shirley, Long Island in the US with landing stations in Belmullet, Ireland and Grindavik, Iceland. Construction of the 100G system will be managed by TE Subcom, and it is expected to be ready for service in mid-2014. 50% of the construction costs are to be financed by the EXIM bank whilst the rest will be funded by institutional investors, many from Iceland. Emerald expects full approval of its loan application from the EXIM bank in Q1 2013.