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White House sets $10 bn fund for rural infrastructure
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IANS | 25 Jul, 2014
The White House Rural Council Thursday announced a fund of $10 billion
to support rural infrastructure projects across the country.
"This
fund represents a new approach to our support for job-creating projects
across the country," Xinhua quoted Tom Vilsack, US Department of
Agriculture (USDA) secretary and chair of the White House Rural Council,
as saying.
Washington wanted this fund to help promote rural
projects among private investors, as the initiatives from the US
government alone are not enough to fulfill all the investment demands
from rural areas.
"With new efforts like this we can move beyond
existing programmes and help encourage substantial private investment in
projects that grow the economy and improve quality of life for millions
of Americans," said Vilsack.
The initial $10 billion was
provided by CoBank, a national cooperative bank serving rural America
and a member of the Farm Credit System. Later the fund will recruit a
wide variety of new investors, including pension funds, endowments
foundations and other institutional investors.
The USDA and other
federal agencies will help to identify suitable rural projects,
including hospitals, schools and other educational facilities, rural
water and wastewater systems, energy projects, broadband expansion,
local and regional food systems, and other rural infrastructure.
In
some cases, projects may be funded entirely through private sectors
dollars. In others, private dollars may be leveraged with government
loan and grant programmes, said the USDA.
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