Senator Cornyn

Cornyn: $200 Million in Recovery Funding Coming to Border Communities

May 27, 2020

WASHINGTON – The North American Development Bank (NADBank) has approved a $200 million temporary financing program to combat the effects of the novel coronavirus outbreak in the U.S.-Mexico border region, U.S. Senator John Cornyn announced today. This program will encourage development projects that have both environmental benefits and direct positive impacts on the economy in the area. In addition to the program’s $200 million provision, it also includes up to $15 million in technical assistance.

“The coronavirus outbreak has hit Texans hard, and as much as we can protect each other from its effects, we must,” said Sen. Cornyn.  “I’m grateful to the North American Development Bank for making economic recovery in Texas border communities a high priority during the outbreak.”

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.