Congresswoman Veronica Escobar (TX-16), State Senator Jose Rodriguez (SD-29), and the North American Development Bank (NADB) announced a temporary financing program in response to the effects of the coronavirus (COVID-19) pandemic.
“As El Paso and border communities fight the devastating impacts of the coronavirus pandemic, it is critical to promote a bilateral health and economic response to speed and shape our recovery,” Congresswoman Escobar shared.
“For more than two decades, NADB has made innovative investments in our region and with this recovery program it is further contributing to strengthening our economy, advancing the well-being of border residents, and promoting sustainable development.”
The program, which was approved by Board of Directors of the NADB on May 22, 2020, will support projects that have both environmental benefits and direct positive impacts on the economy of El Paso and the rest of the U.S.-Mexico border region and the health and well-being of its residents. The program will provide as much as $200 million and includes up to $15 million in technical assistance.
“I was appointed to serve on the board of NADB by President Obama in 2015, and I have never felt so much pride in the work that we are doing for improvements of our U.S.-Mexico border region,” said Senator Rodriguez, Member of NADB Board of Directors.
“The COVID-19 Recovery Program will support communities like El Paso through environmental and economic projects for the health and well-being of border residents and the region’s economy. I am glad that binational organizations like the NADB are prioritizing the safety of our people during these critical times.”
“The Bank has helped improve the quality of life for border residents over the last 25 years,” said Dr. Calixto Mateos-Hanel, Managing Director NADB. “It is my hope that the Bank can continue to play a critical role in the border’s economy and health, through the recently approved $200 million COVID19 Recovery Loan Program.”
Within the new program, the Board of Directors may consider approval of loan proposals:
- Under a programmatic approach, whereby environmental infrastructure projects with similar characteristics may be financed by NADB pursuant to a single certification;
- To refinance existing debt on environmental infrastructure or public entities, such as water utilities, whose mandate is aligned with the Bank’s mission; and
- To support the development and financing of projects with environmental benefits that promote the creation or preservation of jobs, betterment of health and/or health services, or improvement of technological connectivity and access to information in times of environmental and health catastrophes.
“The NADB is a binational financial institution established by the Governments of the United States and Mexico to provide financing to support the development and implementation of infrastructure projects,” NADB officials share. “As well as to provide technical and other assistance for projects and actions that preserve, protect or enhance the environment in order to advance the well-being of the people of the United States and Mexico.”